The Commerce Department this week announced the establishment of the Trade Finance Advisory Council (TFAC), the mission of which will be to advise the Secretary on how the U.S. may support small and medium-sized U.S. business secure financing so that they may export their products to overseas customers.
TFAC will advise the Secretary of Commerce on current credit conditions and financing challenges faced by U.S. exporters, identify emerging financing sources to address gaps, and educate U.S. exporters on resources available to them. Also principal to TFAC’s mission will be to bring together banks, nonbank financial institutions, and exporters so that all stakeholders may collectively generate creative means by which small and medium-sized U.S. exporters may gain access capital.
The Commerce Department is already seeking members to fill the twenty spots on the Council from experts representative of various stakeholder groups. The initiative is an excellent example of the Commerce Department’s recent efforts to simultaneously support small to medium-sized business and increase U.S. exports.
Have an excellent weekend!