SBA Administrator Carranza: USMCA to Benefit America's 30 million Small Businesses; Enabling Continued Growth & Upward Mobility
Thirty-six percent of Latino-owned businesses earn most of their revenue online, compared to 18% of other small businesses, and this new framework will make it easier to sell products to consumers in Canada and Mexico by eliminating complex and cost-prohibitive rules requiring small businesses to open foreign offices.
WASHINGTON, Jan. 29, 2020 /PRNewswire/ -- Today, U.S. Small Business Administration Administrator Jovita Carranza issued the following statement in response to President Donald J. Trump's signing of the innovative United States-Mexico-Canada Agreement (USMCA):
"Today's signing into law of the USMCA by President Trump is a landmark achievement that promises to create lucrative new opportunities for small businesses, including many minority-owned businesses. Thirty-six percent of Latino-owned businesses earn most of their revenue online, compared to 18% of other small businesses, and this new framework will make it easier to sell products to consumers in Canada and Mexico by eliminating complex and cost-prohibitive rules requiring small businesses to open foreign offices.
"As a result of this President's leadership on trade, $68 billion in new economic activity will be generated, and an estimated 176,000 new jobs will be created, helping to further fuel upward mobility in communities that need it most."
Click here to learn more about the USMCA.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
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Release Number: 20-09
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SOURCE U.S. Small Business Administration
