How OPIC supports American small businesses and American jobs
National Small Business Week recognizes the important contributions of America’s small businesses and entrepreneurs. At OPIC, it’s an occasion to remind small businesses that they can benefit from engaging in the global economy.
OPIC recognizes that small businesses have a lot to gain from expanding into developing markets and they are often the ones most in need of financing or insurance support as they work in some of the world’s most challenging markets. Over the past five years, American small and medium businesses have accounted for almost 75 percent of the projects receiving OPIC support.
In addition to helping American businesses gain footholds into fast growing emerging markets, these projects can often support American jobs and lead to the procurement of U.S. goods and services. Here’s a look – from our 2014 Annual Report – at how some recent OPIC projects have supported global development while also supporting American small businesses and American jobs.
- An OPIC supported power project in Chile will establish one of the largest solar power plants in that country, while also supporting an estimated 120 jobs in the U.S.
- A wind power project in Mexico will increase that country’s supply of renewable energy by 148.5 megawatts, and also support an estimated 104 American jobs.
- OPIC’s support for a concentrated solar power project in Israel’s Negev will help introduce an innovative renewable energy technology in one of the poorer parts of the country, while also supporting an estimated 55 American jobs.
OPIC’s current small business partners include an Arkansas coffee business, an Oklahoma maker of oil drilling technology and a California startup that used OPIC financing to build an açaí berry processing facility in the Brazilian rainforest.
Each year OPIC travels the U.S. to host a series of Expanding Horizons workshops to educate small businesses about the way it can help them access capital and minimize the risk of expanding into developing countries.