The deadline to reauthorize the Export-Import Bank is quickly approaching. On June 30, 2015 Congress will vote on whether to keep the bank or not. Congresswoman Debbie Dingell visited Hancock Enterprises, Inc. and Polytorx, LLC to see firsthand how the Ex-Im Bank is helping small to medium sized businesses stay competitive in the global market.
Between these two businesses, they have exported nearly $1,000,000 with help from the Export-Import Bank. This kind of international trade may not have been possible without support from the Ex-Im Bank and these profits would have been left on the table.
“As I left Ann Arbor today, Polytorx Founder Luke Pinkerton told me that he doesn’t know what he will do if the Export-Import Bank is not renewed,” said Dingell. “Congress is threatening tools that help small businesses succeed in this economy. As we’re talking about international trade policy, one of the most important things we can do is help manufacturers sell products overseas and create jobs at home. The Export-Import Bank provides critical financing that levels the playing field for American businesses and supports job creation without adding a dime to the deficit.” (bit.ly/1TLOUug)
Congresswoman Dingell was with us here at Mfg Talk Radio on 6/23 to speak about how and why she is pushing House leaders to bring legislation to the House floor to reauthorize the Ex-Im Bank before it is thrown out on July 1st. To hear that podcast you can go to MfgTalkRadio.com.
The Ex-Im Bank is a very important resource for small businesses yet some lawmakers are pushing to defund the bank, which could have devastating consequences for the small business community. The main purpose of the Ex-Im Bank is to support small businesses so they can stay competitive. The bank helps by filling the gaps offered by traditional financing by pairing up with the private sector to provide loans and credit to aid these companies in expanding their business beyond their borders. Many commercial lenders will not support small businesses in this endeavor of trying to compete in the global market place.
The bank financing more small businesses in the last five years that the previous 11 years combined. With the closing of the bank, not only will exports drop but jobs will decrease as well. It is evident that the Export-Import Bank plays a crucial role in supporting small businesses while also growing the economy and creating jobs here at home.