Ex-Im Foregone Deal Of The Day: A Cloudy Future For Abound Solar And U.S. Exporters
For Loveland, Colo.-based Abound Solar Inc., this day four years ago was a very good day. With support from the U.S. Export-Import (Ex-Im) Bank, they were able to lock in a $9.2 million long-term loan guarantee to export their solar panels to India.
The sale was part of a larger push by India to bring 20,000 megawatts of solar power to their country by 2020. With that much power to produce, India had little choice but to begin importing solar panels.
While this deal flew four years ago, four years later, odds are Abound Solar Inc. would not be able to make the same deal because Congress failed to reauthorize the Ex-Im Bank before its charter lapsed on June 30.
Since the Ex-Im Bank’s charter expired in June, suppliers and exporters in every state have lost access to the financing they need to compete in the global economy. Good days like the one Abound Solar Inc. had back in 2011 are being replaced by days when U.S. manufacturers are put at a disadvantage by their own Congress.
Before its charter lapsed, Ex-Im provided financing support that enabled exports from United States – strengthening job creators every day.
Congress needs to recognize the harm its inaction is inflicting upon U.S. job creators and manufacturers. The longer they wait to reauthorize Ex-Im, the more damage they do to the American economy.
In total, Ex-Im authorized more than $631 million in financing for 52 U.S. companies on this day going back to 2010. This financing plays a part in leveling the playing field for American exporters in an increasingly unfair international arena.
Without Ex-Im Bank, U.S. companies are fighting an uphill battle when competing against foreign companies that receive help from their home governments.
Congress must act to renew Ex-Im’s charter and protect U.S. jobs.
Click here to read more stories about the crucial role that Ex-Im plays in supporting U.S. exporters and their workers.