The Export-Import Bank's Reauthorization
As a City/State Partner of the Export-Import Bank, the ECIDA was pleased to learn President Obama signed the Export-Import Bank Reauthorization Act of 2012 into law on May 30th. . Ex-Im Bank Chairman Fred P. Hochberg joined the President at the White House for the signing ceremony.
Small and medium-sized businesses produce half of the nation's economic output, but they only account for 30% of exports. In fact, just 1% of the nation's 30 million companies export. Additionally, 58% of those that do export only ship to one country. In today's global economy, these figures just don't add up.
Ex-Im Bank's programs help U.S. exporters and foreign buyers of U.S. products do business. The ECIDA can assist with these transactions and it's a win-win situation for our economy and it's something we're proud to be a part of. When 95% of all consumers live beyond our borders, American businesses must increasingly consider their international markets. Their success as a business and our success as a nation depend on it. Increasing exports is a valuable way to help our local economy grow and create jobs.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
If you would like more information on Ex-Im Bank's services and how they can assist your exporting opportunities, please contact the International Division at the ECIDA.