NEW VIDEO: Ex-Im Lapse Hurts Small Businesses Nationwide
The Exporters For Ex-Im Coalition released a video today highlighting the negative consequences of the Export-Import (Ex-Im) Bank lapse for job creators nationwide.
The video features stories from W.S. Darley and Co. in Illinois and Air Tractor in Texas. You can watch the video here.
Below, please find more information on the companies featured in the video.
Ex-Im Bank Shutdown Already Cost A U.S. Firetruck Producer A $7 Million Contract. “Meanwhile, small U.S. companies, which can’t relocate or move jobs overseas, are feeling the brunt of the bank’s closure. W.S. Darley & Co., a maker of firetrucks and related gear, said the shutdown already has cost it a contract worth about $7 million. The customer’s loan didn’t get final Ex-Im Bank approval, and since W.S. Darley’s contract was contingent on that financing, ‘that sale could just be gone,’ said Chief Operating Officer Peter Darley.” (Kimberly Johnson, “Shutdown Of U.S. Ex-Im Bank Puts Companies In A Financing Bind,” The Wall Street Journal, 10/5/15)
Air Tractor Could Lose Up To 25 Percent Of Sales Without Ex-Im Credit Insurance. “Schroeder’s Texas crop-dusting manufacturer could lose up to one-fourth of its sales after losing the bank’s credit insurance, he said Wednesday. ‘We’re scrambling now, trying to find a way to facilitate our sales throughout the rest of this year,’ he said…Schroeder added: ‘We can only do this for so long…When it comes to next year’s export season, we don’t know. We don’t have an answer for how we’re going to fill the gap that’s been left by Congress’ blatant disrespect for business, in my opinion.'” (Victoria Guida, “Businesses Fume As Congress Lets Export-Import Bank Stay Dead,” POLITICO, 7/30/15)
Ex-Im Lapse Hurts Small Businesses Nationwide. “In 2014, the agency supported 3,400 small business export sales, 90 percent of the Bank’s total transactions .Without the Bank however, major manufacturers and the thousands of small businesses who support them, have lost three satellite deals and have moved jobs overseas.” (Exporters for Ex-Im Coalition, “Congress: Reauthorize Ex-Im For U.S. Jobs,” YouTube, 11/4/15)