Job Creators In New York Hurt After 100 Days Without Ex-Im
Good afternoon –
Today marks 100 days since Congress allowed the Export-Import (Ex-Im) Bank to expire. Ex-Im’s lapse has made it more difficult for businesses around the country to compete in the international arena, putting thousands of U.S. jobs in jeopardy. Many of these jobs are in the state of New York, where the Ex-Im Bank has played a key role in helping companies seize opportunities to grow.
Since 2007 in New York, Ex-Im has supported:
- $10.1 billion in export sales
- 325 companies
- 64,860 jobs
Please see below for what businesses and local leaders across the state have been saying about Ex-Im and what a continued lapse means for them.
Susan Axelrod, Owner, Love & Quiches Gourmet (Freeport, NY)
New York Business Owner Says U.S. Is Going To “Lose Exporting Power” Without Ex-Im. “Susan Axelrod admittedly got into business by accident. The Long Island, New York, housewife began making quiches in her home kitchen in 1973, and grew her company, Love & Quiches Gourmet, in part by exporting her products to places such as Qatar and Japan…If the bank’s charter is not reauthorized, ‘the U.S. is going to lose our exporting power,’ Axelrod said. ‘China and other exporting countries are chomping at the bit to take that business.’ She said as much as 30 percent of her business comes from international markets.” (Kate Rogers, “Entrepreneurs Who Do Biz Overseas Await Bank’s Future,” CNBC, 6/29/15)
Representative Chris Collins (R-NY)
Ex-Im “Helps Fill A Gap In The Market” By Helping Businesses Compete For Overseas Contracts. “For businesses like Audubon that export overseas, finding financial products in the private sector can be difficult, if not impossible. Many banks are often unable to provide services for foreign buyers, particularly those in the developing world. Ex-Im helps fill a gap in the market by arming U.S. manufacturers with the financing they need to compete for contracts overseas. Ex-Im is a complement, not a competitor to financing from the private sector. In fact, it is forbidden by law to compete head to head with commercial lenders.” (Rep. Chris Collins, “For The Sake Of Jobs, Include Ex-Im In CR,” The Hill, 9/28/15)
David Dussault, President And CEO, Package One Industries (Schenectady, NY)
Continued Lapse Of Ex-Im Means Reduced Sales For New York Business. “David Dussault, president and CEO of Package One Industries in Schenectady, said about half of his company’s revenue comes from supplying parts and components to support GE’s turbine and generator operation, as well as its Oil & Gas division. ‘The bulk of our parts go to the Schenectady plant,’ he said. ‘So Ex-Im is very important to us. It probably won’t impact us in 2015 because this business is pretty long-cycle. But we would start feeling it in 2016 and beyond if they’re not winning deals that they can build in Schenectady. It could mean a 20 [percent] to 30 percent revenue drop for our company over the next few years.’” (Bethany Bump, “Bank’s Closure Could Affect Capital Region Jobs,” The Daily Gazette, 7/22/15)