The following excerpt is from a Export-Import Bank e-mail:
EXPORT-IMPORT BANK OF THE UNITED STATES TO ESTABLISH FULL-TIME PRESENCE IN ATLANTA, DETROIT, MINNEAPOLIS, SEATTLE
Financing for U.S. exporters with focus on small business
Detroit, Mich. – Today at the Detroit Economic Club, Fred P. Hochberg, the chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), announced that Ex-Im Bank will establish a new full-time presence in four U.S. cities by this summer. Bank staff, which are currently being recruited for the new positions, will be based in Atlanta, Detroit, Minneapolis, and Seattle. This will provide local small business exporters with enhanced access to Ex-Im Bank products and services.
“Ex-Im Bank wants to provide small businesses access to export financing for their export sales,” said Chairman Hochberg. “Exports are a true bright spot in our economic recovery, and having additional field staff in four cities will help ensure that more U.S. businesses are reaching international markets.”
“More Michigan exports mean more Michigan jobs,” said U.S. Senator Debbie Stabenow, a member of the President’s Export Council under both Presidents Bush and Obama. “Helping Michigan small businesses reach new markets is absolutely one of the best ways to strengthen our economy. There is still a lot of work to be done, but with our auto industry coming back, Detroit welcoming the country’s first-ever satellite patent office and now this new export center, good news is happening in Michigan."
“Last month, I joined President Obama during his visit to Everett when he highlighted the importance of the Export-Import Bank,” said Seattle Mayor Mike McGinn. “We welcome their new office in our city, the opening of which is evidence of Seattle’s resilient economic force in our region. With more than 95 percent of the world's consumers living outside the United States, it is vital that Washington businesses - both large and small - explore international markets.”
“Growing local jobs by expanding exports is one of our key regional economic development strategies,” said Minneapolis Mayor R.T. Rybak. “Before now, the Export-Import Bank was the only member of the Federal export team that we were missing here in Minneapolis–Saint Paul. We asked the Obama Administration to fill that gap, and they listened. Now expert advisors on export financing tools and export order insurance will be right here for easy access by Minneapolis–Saint Paul companies. Exports support more than 117,000 jobs in our region, and the Export-Import Bank full-time presence in Minneapolis will only help us grow that number.”
About Ex-Im Bank:
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.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country."
