ICYMI: Small Businesses Will Lose If Ex-Im Closes

John Arensmeyer, Founder and CEO of Small Business Majority, warned in an op-ed posted on The Hill that losing Ex-Im “would be devastating to small exporters and entrepreneurs looking to grow their businesses.”

Ex-Im is a vital resource that enables small businesses to compete. Luke Pinkerton, Founder and Chief Technology Officer at Michigan-based Polytorx, LLC said, “Businesses like ours rely on Export-Import https://exportersforexim.org/files/2015/06/bank to provide assurance and credit when selling in foreign markets.”

The quotes below demonstrate why Congress needs to reauthorize the Ex-Im Bank.

Small Businesses “Will Take A Substantial Financial Loss” If Ex-Im Fails. “If Congress fails to reauthorize the Ex-Im Bank, more than $34 billion in exports will be lost this year, tens of thousands of workers engaged in the exporting business could be laid off, and several thousand exporters—mostly small business owners—will take a substantial financial loss, as will the suppliers who make or grow the products being exported…It’s time for Congress to find a permanent fix for the Ex-Im Bank so small businesses can have the certainty they need to continue brokering deals with foreign countries that bolster our economy here at home.” (John Arensmeyer, “Long-Term Reauthorization Needed For Export-Import https://exportersforexim.org/files/2015/06/bank,” The Hill, 6/22/15)

Michigan Small Businesses “Benefit Greatly From The Export-Import https://exportersforexim.org/files/2015/06/bank.” “‘The Export-Import https://exportersforexim.org/files/2015/06/bank improves competiveness of u.s. companies exporting overseas,’ said luke pinkerton, founder and chief technology officer at polytorx, llc. ‘Businesses like ours rely on Export-Import https://exportersforexim.org/files/2015/06/bank to provide assurance and credit when selling in foreign markets.’…’our customers need credit and securing that credit is critical to our competitiveness in a global marketplace,’ said robert joly, president of hancock enterprises, inc. ‘Small and mid-size businesses benefit greatly from the Export-Import https://exportersforexim.org/files/2015/06/bank. we hope congress will reauthorize this program.’” (“Dingell Hears From Small Business Owners Concerned If Export-Import https://exportersforexim.org/files/2015/06/bank expires,” Heritage Newspapers, 6/22/15)

North Dakota’s Amity Technology President And Owner: Jobs Depend On Exports. “We have about 200 jobs in North Dakota, between Wahpeton and Fargo, and historically exports have been more than a third of our jobs.” (Bryn Nelson, “Area Jobs Could Be At Risk If Export-Import https://exportersforexim.org/files/2015/06/bank doesn’t get congressional authorization,” WDAZ Television, 6/21/15)

North Dakota Small Business Owner Says Global Competition In “Real World” Requires Ex-Im Support. “There are a lot of people that theoretically don’t like what Ex-Im represents, but in the real world it’s necessary for company like ours to compete.” (Bryn Nelson, “Area Jobs Could Be At Risk If Export-Import https://exportersforexim.org/files/2015/06/bank doesn’t get congressional authorization,” WDAZ Television, 6/21/15)