Ex-Im Bank OKs $6 Billion in Small Business Export Financing During First Year of Bank's Nationwide "Global Access" Outreach Initiative
January 20, 2012
(Ex-Im Bank)
Washington, D.C. -- Ex-Im Bank is celebrating
its successful first year of Global Access for
Small Business (Global Access), the agency's
small business outreach initiative. This
ambitious public-private partnership to engage
more companies in exporting was launched at the
U.S. Chamber of Commerce last January as a part
of President Obama's National Export Initiative
(NEI).
Image of Map that shows 32 Global Access Forums
held across the country
32 Global Access forums were held across the
country in fiscal year 2011.
"If my company can't offer credit terms, we
can't close deals with many foreign buyers.
Ex-Im Bank financing gives us peace of mind --
we would not be as successful as we are today
without it," said Andy Malcolm, president of
Advanced Protection Technologies in Clearwater,
Fla.
Malcolm's comment represents what experienced
exporters told attendees at dozens of Ex-Im
Bank's Global Access forums across the country
during the past twelve months. At these company
owners learned how the Bank's financing, along
with other government resources, is a critical
tool to increase their foreign sales.
"The forums are very good - they provide small
businesses the answers to their questions,"
stated Malcolm. "This would have helped my
business when we were small. It is good to ask
questions to those who have been through the
'exporter wars.'"
The financing that Ex-Im provides to small
businesses is contributing to a significant
increase in overseas sales. In fiscal year 2011
alone, the Bank increased small business
transactions to a record $6 billion, up $1
billion from the previous year. Over 85% of all
Ex-Im transactions directly benefit small
business exporters.
Global Access Goals
Ex-Im Bank aligned its Global Access program
goals for increasing small business export
financing with NEI's objective, doubling U.S.
exports by 2015. By 2015, Ex-Im Bank aims to
double its annual small-business export-finance
volume from $4.5 billion to $9 billion, add a
total of 5,000 small businesses to its
portfolio and approve cumulatively at least $30
billion in small-business transactions. To
date, Ex-Im Bank has added a total of over
1,600 small businesses to its portfolio and
authorized $15.5 billion in small business
transactions.
"Ex-Im Bank's Global Access for Small Business
is not just a brand, it's a mindset for us at
Ex-Im Bank," explained Chairman and President
Fred P. Hochberg. "It is the Bank's top
priority to dramatically increase the number of
small businesses exporting and in the process
help them create more jobs. We want to help
them gain a competitive edge so they can sell
to more countries and expand sales into
existing ones."
"Global Access for Small Business" program is
equipping small businesses with the tools and
resources needed to reach more customers around
the world and expand foreign sales," said
Thomas J. Donohue, president and CEO of the
U.S. Chamber of Commerce. "Creating growth in
U.S. exporting will help lead the U.S. to
economic recovery and this partnership will
continue to give small business the assistance
needed to harness that growth."
New Small Business Products
To further support small business exporting,
Ex-Im Bank is offering new financing and
insurance products that complement existing
Bank programs, as well as streamlining product
delivery. For example, Express Insurance was
launched in April, 2011, a streamlined
application for a policy quotation and two
foreign-buyer credit indications up to $300,000
within five business days. In the first six
months, Ex-Im Bank approved over 100 Express
Insurance policies.
Direct Outreach
Chairman Hochberg and members of the board of
directors traveled across the country to meet
with small business owners to discuss the
benefits of exporting. On average, over 100
representatives from local companies attended
each event. Global Access so far has reached
approximately 5,000 small businesses that
participated in the forums and in 12 on-line
webinars over the last year.
Ex-Im Bank hosted 32 Global Access forums in
2011 at which representatives from local
businesses, elected officials, and partner
government agencies shared their expertise on
how to successfully enter the global
marketplace. A.R. Chem Tex Industries LLC of
Edinburg, Texas, is a small business that
exports chemical treatment products and
equipment for gas wells. The company attended a
Global Access forum in Weslaco, TX because it
wanted to expand into new foreign markets but
didn't have the ability to finance its product.
After being approved for both an Ex-Im Bank
working capital loan and small business
multi-buyer insurance policy, the company not
only expanded sales into existing markets in
Mexico and Venezuela, but now is able to expand
into Argentina and Colombia. Additionally, the
company hired one new employee and plans to
hire more as sales increase.
The following companies are also among those
that are now Ex-Im Bank customers after
attending a local Global Access forum - D.O.
Weaver and Company (Aurora, Co.), Francis Torq
Lite (Luling, La.), Richard S. Sternberg
Metropolitan Washington Law Consortium
(Washington, D.C.), Segway (Bedford, N.H.),
Skelley Medical (Hollis, N.H.) and Southwest
Windpower Inc. (Flagstaff, Ariz.).
Ex-Im Bank is continuing to hold Global Access
forums across the country in 2012. To see where
and when the next forum is being held, go to
the Global Access events page.
Statements from Other Global Access Partners:
"Providing export financing to help more small-
and medium-sized businesses reach buyers
overseas is key to creating jobs here at home
and strengthening the recovery," U.S. Commerce
Secretary John Bryson said. "The more
American-made goods and services U.S. companies
are able to sell abroad, the more jobs will be
created in communities across the country. It's
just that simple."
"Small businesses in particular need the
support of both the federal government and
private sector to compete in the global
market," commented United States Trade
Representative Ron Kirk. "Small - and
medium-sized businesses benefit greatly from
global trade. With 95 percent of the world's
customers living outside our borders, we need
to help small businesses face the challenges
presented in a competitive market and win deals
abroad."
"Manufactured goods exports represent more than
60 percent of all U.S. exports of goods and
services and are essential to job creation,"
said NAM President and CEO Jay Timmons. "The
Global Access Initiative provides small and
medium-sized manufacturers with the resources
to begin exporting or to expand sales overseas,
resulting in more jobs here at home."
"By working with other federal agencies, we can
help level the playing field for small
businesses that want to begin exporting," said
SBA Administrator Karen Mills. "U.S. small
businesses have the innovative, high quality
products that these countries are demanding.
The Global Access initiative, along with SBA
programs, is providing the financing to make
these exports possible."
About Global Access:
32 Global Access forums were hosted in fiscal
year 2011 in Manchester, NH; Philadelphia, PA;
Minneapolis, MN; Kansas City, MO; Lafayette,
LA; Los Angeles, CA; Denver, CO; Long Island,
NY; New Orleans, LA; West Long Branch, NJ;
Miami, FL; Wilmington, DE; San Leandro, CA;
Wichita, KS; Charlotte, NC; Providence, RI; San
Juan, PR; Fresno, CA; Houston, TX; Milwaukee,
WI; Weslaco, TX; Baltimore, MD; New Haven, CT;
Cleveland, OH; Beloit, WI; Chicago, IL;
Phoenix, AZ; Grand Rapids, MI; Detroit (Novi),
MI; and New York, NY.
Ex-Im Bank's Global Access partners were an
integral component to Ex-Im Bank's small
business outreach. New partnerships were forged
over the last year including FedEx, PNC, Wall
Street Journal, Bank of America, HSBC, and
Wells Fargo.
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