Ex-Im Foregone Deal Of The Day: Miner Elastomer Relies On Ex-Im Credit Insurance
Although Miner Elastomer Products Corp. builds shock absorption equipment for the industrial, automotive, and mining industries, they were not prepared for the economic shock of Congress allowing the Ex-Im Bank to lapse.
On this day four years ago, the Geneva, Ill.-based manufacturer secured $18 million worth of export credit insurance with help from the Ex-Im Bank. This credit insurance enabled Miner Elastomer to insure its accounts receivable from foreign purchasers, giving Miner Elastomer the peace of mind to move forward on export opportunities.
Unfortunately, now that Ex-Im’s charter has expired, Miner Elastomer would be unable to receive the same export credit insurance.
In the past, 75 percent of Miner Elastomer’s exports were insured with Ex-Im credit insurance. The company has said that their ability to export would be severely limited were Ex-Im’s charter to lapse, which happened when Congress failed to act before June 30.
With Miner Elastomer now hamstrung in the export arena without Ex-Im financing, their foreign customers can buy from equipment manufacturers in other countries that still receive backing from their versions of Ex-Im.
Miner Elastomer isn’t the only U.S. business losing out on job-growing exports now that Ex-Im has expired. In total on every July 21 since 2010, 70 businesses have exported “Made in the U.S.A.” products to the world, valued at more than $105 million.
Until Congress acts to reauthorize the Ex-Im Bank, thousands of U.S. job creators will be forced to forfeit opportunities to pursue exports because they have lost a critical tool to grow their businesses.
You can find more information about Miner Elastomer Products Corp. and more than 100 other small businesses that rely on Ex-Im financing for their exports on the Exporters for Ex-Im website: http://exportersforexim.org/category/stories/