During a recent government meeting, discussions centered on the vital role of small businesses and rural exporters in the U.S. economy. Senator Ted Budd emphasized the importance of supporting rural America, stating that the success of the nation hinges on the prosperity of its agricultural and small business sectors. He advocated for a policy framework of deregulation and competitive taxation to foster economic growth, highlighting North Carolina as a model for other states to emulate.

The meeting featured testimony from Reed Westcott, executive director of the Small Business Exporters Association, who underscored the significant contributions of small and mid-sized exporters to the U.S. economy. Westcott noted that small businesses account for 97% of all U.S. exporters and are responsible for over one-third of the nation’s exports, amounting to approximately $542 billion. He pointed out that these businesses not only drive economic growth but also enrich their local communities by sourcing materials locally and creating jobs.

Westcott identified several barriers that hinder rural small businesses from engaging in international trade, including a lack of information and understanding of export processes. He called for increased federal outreach to small and rural exporters, suggesting the establishment of a more robust Office of Rural Affairs within the Small Business Administration (SBA) to streamline access to resources.

The discussion also touched on the complexities of navigating trade regulations, which disproportionately affect small businesses compared to larger firms. Westcott advocated for harmonizing trade rules to reduce compliance costs and improve access to capital, particularly for small businesses facing challenges in securing financing.

In conclusion, the meeting highlighted the need for legislative support to enhance the capabilities of small and rural exporters, ensuring they can thrive in the global marketplace. The committee expressed gratitude for the insights shared and looked forward to further discussions on these critical issues.