The Export-Import Bank Continues to Open Doors for U.S. Small Businesses to Export to China in 2014
July 9, 2014
(Ex-Im Bank)
Direct and indirect small business support part
of record-high $1.8 billion authorizations for
exports to China year-to-date
SHENZHEN, CHINA – As the Export-Import Bank of
the U.S. (Ex-Im Bank) Chairman and President
Fred Hochberg tours China to encourage the
purchase of Made-in-America goods and services
and participates in the U.S.-China Strategic
and Economic Dialogue, new statistics reveal
that Ex-Im Bank is on track to hit a new record
for transactions supporting U.S. exports to
China in fiscal year 2014. Already totaling
more than $1.8 billion, Ex-Im Bank financing
contributes to a more balanced trade
relationship with China, where exports from
American companies have nearly doubled since
2009.
”As the world’s second largest economy, and the
third largest importer of U.S. goods, China
represents an incredible opportunity for U.S
small businesses,” said Chairman Hochberg.
“Both through direct sales to China and
supplying larger U.S. exporters, American small
businesses, with the help of Ex-Im Bank are
competing on a more level playing field while
expanding their exports to China and creating
jobs in the United States.”
Ex-Im Bank does not compete with private banks
or lenders, but still continues to play a vital
role in opening China’s vast market to U.S.
small businesses through its loan-guarantee and
trade-credit-insurance programs. That’s
because, often times, small business exporters
have shipments that are too small for
commercial banks to deem worth their time. With
just over 400 employees, Ex-Im Bank is nimble
enough that there is no American small business
exporter that is too small for Ex-Im to
support.
“We are finding that the ability to talk about
and offer a loan is critical to our success for
fire apparatus and equipment sales in many
parts of China,” said Peter Darley, vice
president of W.S. Darley of Itasca, Illinois.
“Due to the Ex-Im framework agreement,
interested Fire Departments are able to
purchase products from the U.S. and can spread
out their payments, affording them the
opportunity to purchase the right amount of
equipment with the desired quality and
technology. We have a lot of good people
working for us that are employed because we are
able to offer project financing that is backed
by Ex-Im Bank.”
As a result of Ex-Im support, small businesses
across the U.S. have been able to directly
export to China in FY 2014, including:
- Bassett’s Ice Cream – Philadelphia, PA. Bassett’s is a fifth-generation frozen dessert distributor and a Philadelphia tradition since 1861.
- Cypress Creek Hardwoods – Austin, TX. Cypress Creek Hardwoods sells hardwood lumber to China.
- Lions Gate Inc. – Honaunau, HI. Lions Gate exports Kona Coffee.
- South Coast Products – Houston, TX. South Coast produces lubricants, greases, thread compound, sealants, lubrication equipment, and laboratory equipment and accessories used for testing/analysis of greases and lubricants.
- Teledynamics LLC – Towaco, NJ. Teledynamics manufactures and supplies mail and material monorail systems for hospitals, libraries, and law firms.
- W.S. Darley – Itasca, IL. Darley is a leading provider of firefighting equipment, rescue gear, tools and supplies.
To learn more about how your small business can export to China and markets around the world, visit www.exim.gov/smallbusiness.
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