In case you missed it, job creators across the country have been sharing stories of how Congressional failure to reauthorize the Export-Import (Ex-Im) Bank has hurt business in their state.
Read below to learn how businesses have been hurt, or click here
to see the impact of Ex-Im’s lapse on your state.
CONNECTICUT: Ex-Im Would “Quadruple” Sales And Create Jobs For Connecticut Solar Energy Company.
“[Apollo Solar founder John] Pfeifer said if the Ex-Im Bank’s charter were to be reauthorized, he could quadruple his sales in the next year. ‘We would be hiring another 20 people,’ he said, starting with hiring back the three he let go this month. Those three workers had been with him for three years, since Apollo moved into the cell tower power business. He said it was painful having to lay them off.” (Mara Lee, “A Small Connecticut Exporter Suffers As Giant Companies Fight Congress Over Ex-Im https://exportersforexim.org/files/2015/10/bank,” Hartford Courant, 10/19/15)
MISSOURI: Ex-Im Is A “Critical Tool For Companies Competing In The Global Marketplace,” Especially For Small Businesses. “One of the most critical tools for companies competing in the global marketplace is the Export-Import https://exportersforexim.org/files/2015/10/bank, which provides loans and insurance to help american companies do businesses overseas. ex-im is especially important for smaller businesses and new entrants into global markets that often lack the global resources and international experience of their larger peers. nearly 90 percent of ex-im’s transactions involve these small and midsize firms. the bank supported nearly $30 billion in exports last year and more than 160,000 american jobs.” (James F. Alexander, “Congress Should Reauthorize The Export-Import https://exportersforexim.org/files/2015/10/bank,” Columbia Daily Tribune, 10/18/15)
MISSOURI: Without Ex-Im, Companies Are “Competing With One Hand Tied Behind Their Backs.”
“American companies have been competing with one hand tied behind their backs. Over the past two months, we have seen companies in the St. Louis region and around the nation lose contracts because their customers can’t find alternative financing. Companies large and small have been forced to rethink how and even if they can stay in business without the support from Ex-Im.” (James F. Alexander, “Congress Should Reauthorize The Export-Import https://exportersforexim.org/files/2015/10/bank,” Columbia Daily Tribune
VIRGINIA: Ex-Im Allows Virginia Businesses To Compete In Global Markets.
“To realize our full potential, we need partners across the globe. We compete with companies from other countries that offer credit financing. Without Ex-Im, we are simply unable to compete in many markets. And we are not alone in our support for Ex-Im. Since 2009, Ex-Im has been used by more than 100 Virginia businesses, supporting more than 11,000 jobs.” (Reza Hashampour, “Bring Back The Tool That Helps Export Our Products,” The Virginian Pilot, 10/18/15)
WASHINGTON: Ex-Im Allows U.S. Businesses To Compete Abroad, While Turning A Profit For Taxpayers.
“[Ex-Im] levels the playing field for U.S. businesses striving to compete in a global economy as 60 other countries have similar banks helping their businesses. It isn’t ‘corporate welfare.’ It facilitates the success of private industry and does so in a way that generated over $1 billion to the U.S. Treasury through fees charged for its services. That’s $1 billion in government revenue not generated by taxes, gone.” (Editorial Board, “Our Voice: Another Chance For Ex-Im https://exportersforexim.org/files/2015/10/bank,” Tri-City Herald, 10/17/15)
WISCONSIN: Exports Are “Essential” To Wisconsin Business.
“Exports are essential to most Wisconsin businesses, from manufacturers to food processors, and from biomedical companies to chemical suppliers. At a time when a strong U.S. dollar is already crimping exports, the state doesn’t need the added burden of congressional inaction on the Ex-Im Bank.” (Tom Still, “Congress’ Push On Ex-Im Bank A Good Step,” Milwaukee Journal Sentinel, 10/17/15)
WISCONSIN: Benefits Of Ex-Im Go Far Beyond GE. “General Electric is only one example of the Ex-Im Bank’s role in Wisconsin. The Ex-Im Coalition says the bank supports $4.2 billion in export sales in Wisconsin, 203 companies and more than 27,000 jobs. Other examples cited by the coalition include the Oilgear Co., Scientific Protein Laboratories and the Manitowoc Co.” (Tom Still, “Congress’ Push On Ex-Im Bank A Good Step,” Milwaukee Journal Sentinel, 10/17/15)