The U.S. State Department has made significant changes during the past 12 months to speed up the process of obtaining a license to export defense-related products. License application approval times for items that fall under International Traffic in Arms Regulations have decreased more than 50 percent, from an average of 35 days to 15 days. This is especially good news for small business owners who do not have the revenue flexibility to miss sales opportunities while they slog through miles of red tape.
The credit crunch that has defined the financial meltdown threatens to derail small business activity in the United States. Many small firms rely on credit for everyday operations because they lack the liquidity to fund their business activities. And, potential startups may remain stillborn as entrepreneurs find it increasingly difficult to obtain necessary seed money.