Job Creators In Ohio Hurt After 100 Days Without Ex-Im
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 Ohio, where the Ex-Im Bank has played a key role in helping companies seize opportunities to grow.
As Jay Timmons, President of the National Association of Manufacturers, stated on WCSM 1350 radio, failure to reauthorize Ex-Im has “particularly devastating consequences for states that manufacture at high rates, like Ohio.”
Since 2007 in Ohio, Ex-Im has supported:
- $2.71 billion in export sales
- 326 companies
- 17,340 jobs
Please see below for what businesses across the state have been saying about Ex-Im and what a continued lapse means for them.
Graham Hill, Owner And President, Anglo American Hardwoods (Mason, OH)
Private Banks Will Not Extend Credit Lines Without Ex-Im. “Anglo-American Hardwoods of Mason, Ohio, exports lumber to countries ‘literally around the world,’ said its president, Graham Hill. ‘We’re very dependent’ on Ex-Im financing. Hill said he borrowed money from a private bank, which only agrees to lend it because the Ex-Im Bank underwrites the loans. ‘They (the private bank) would not extend the credit lines’ without Ex-Im support, he said. ‘Without the line of credit, they (overseas customers) would look elsewhere’ for lumber.” (John Brinkley, “Ex-Im Bank’s Closure Is Sending Jobs Overseas, Hurting Small Firms,” Forbes, 9/16/15)
Rick Little, President, Starwin Industries (Dayton, OH)
Ohio Small Business Owner Concerned That Ex-Im Loss Will “Affect Jobs Directly.” “Smaller companies are also concerned. Rick Little, president of Starwin Industries, and chairman of the Dayton Regional Manufacturers Association Board, says his relatively small Kettering company does not directly export. He has about 35 employees, and his customers include automotive producers, government and research facilities and others. But he is concerned about the companies his business serves who are direct exporters. GE Aviation, for example, spends $1.2 billion a year with suppliers in Ohio. ‘It got my attention when Boeing and GE both, in the course of like two weeks, said this was going to affect jobs directly,’ Little said. ‘That got my attention.’” (Thomas Gnau, “Ohio Firms Impacted By Export Bank Fight In Congress,” Springfield News-Sun, 8/13/15)
Lutz Richter, Vice President & Chief Financial Officer, Dayton Superior (Miamisburg, OH)
Vice President Of Small Business Urges Congress To “Allow The Ex-Im To Take On New Business Again.” “‘The bank serves an important purpose, especially if you are in the export business,’ said Lutz Richter, vice president and chief financial officer of Dayton Superior. ‘We would very much welcome if the politicians in Washington could agree to a solution to allow the Ex-Im to take on new business again.’” (Jack Torry, “Showdown Looms Over Ex-Im Bank,” Dayton Daily News, 9/26/15)