ICYMI: Failure To Reauthorize Ex-Im Will Hurt Businesses Of All Sizes

Jim Adams, Control Flow Inc. Executive Says Losing Ex-Im Would Hurt Small Businesses. “Ex-Im does benefit GE, Boeing and Caterpillar. It also benefits thousands of small businesses in America. If Ex-Im closes, you know who will be hurt? Small companies that are the backbone of our nation. Ex-Im has enabled our company to export $75 million of U.S.-made products for the energy industry during the past few years…We aren’t asking for a handout, but for our government to enable us to compete against foreign-made products and manufacturers that are and will continue to be supported by foreign governments.” (Jim Adams, “Small Exporters Need An Ex-Im Bank,”Wall Street Journal, 6/12/15)

U.S. Manufacturers: Industrial Contracts In Developing Countries “Will Be In Jeopardy” If Ex-Im Is Not Reauthorized. “Business executives say the fight risks eroding American dominance in global trade at a time when companies in China, South Korea and Europe aggressively use state-backed export-credit agencies of their own. Since its founding, the Ex-Im Bank has lent or guaranteed some $590 billion. In just two years, Chinese state lenders have extended some $670 billion in credit, according to Fred Hochberg, the chairman of the U.S. bank. The limbo status has already led foreign firms and export-credit agencies to exploit the fracas to bolster their negotiation position at the bargaining table, say business executives.” (Nick Timiraos And Ted Mann, “U.S. Businesses Cite Fallout If Export-Import https://exportersforexim.org/files/2015/06/bank closes,” Wall Street Journal, 6/9/15)

World Trade Center St. Louis Executive Director Argues Ex-Im “Especially Critical For Small Businesses.” “Ex-Im supports about $30 billion in exports and over 160,000 U.S. jobs a year, including $2 billion from Missouri in the last eight years. It is especially critical for small businesses breaking into unfamiliar foreign markets where local banking and regulatory systems may be opaque or simply unavailable. US International Foods in St. Louis, for example, uses Ex-Im insurance to guarantee its shipments into China — allowing it to ship on credit (since it is covered if the buyer defaults) instead of demanding payment in advance, which would scare many potential customers away. Other Missouri businesses from large firms like Black and Veatch in Kansas City to small ones like Stereotaxis in St. Louis all depend upon the bank to grow their export business.” (Tim Nowack, “Don’t Dismantle St. Louis’ Gateway To Global Trade,” St. Louis Post-Dispatch,6/8/15)