BAFT, SBA formalize partnership

The Bankers Association for Finance and Trade and the Small Business Administration today signed a strategic alliance memorandum formalizing the organizations’ existing relationship. SBA and BAFT work to educate small businesses and their lenders on available export financing solutions.

“Financing is an important element in helping small businesses expand their customer base internationally and has been a persistent challenge,” said Tod Burwell, president and CEO of BAFT. “SBA is helping to ease that challenge, and with the leverage of the global BAFT network, we hope to collectively make a positive difference.” SBA Administrator Isabella Casillas Guzman said the joint effort to increase resources to BAFT members and the number of lenders offering SBA international trade products would expand access to capital.

BAFT, ABA’s global transaction banking subsidiary, is a forum for analysis, discussion and advocacy in international financial services and supports members in trade finance, supply chain finance, credit insurance and export credits. BAFT also provides practical guidance resources and tools, such as standardized legal documentation.