Financing sources for small businesses will be one of several exchanges the SBA will share with the Ministry of Economic Development of the Russian Federation.
Through a new alliance, both agencies have agreed to work together to strengthen bilateral relations in the area of small business development in both countries, the SBA said today. Under a Memorandum of Understanding signed by representatives of both governments March 23 under the U.S.-Russia Bilateral Presidential Commission, experiences in sources of small business finance, job creation, human capital development and fighting unemployment will be exchanged between the two countries.
Other shared areas will include federal, state and local government support of small and medium enterprises and mechanisms of support for export-oriented enterprises.
The MOU will be in effect through Dec. 31, 2012 and may be extended for two additional years by mutual consent, the SBA said.
A Russian delegation of government and non-government representatives will visit the United States this month. The trip will include participation at a science and technology policy conference in New Hampshire, visits to small businesses in New England and a meeting at the SBA's Washington headquarters.