Banks Vital for Small Businesses in Global Trade, Community Banks Key
Banks play a crucial role in helping small and medium-sized companies in the U.S. engage in international trade by providing financial services like letters of credit. Smaller companies heavily rely on community banks for their financing needs, as they offer personalized services and strong relationships. Larger exporting companies may dominate the value of U.S. exports, but smaller companies make up the majority of exporters. This shows the importance of banks in facilitating international trade for smaller businesses.