When was the last time that you heard of a federal agency giving money to the taxpayer? For the Export-Import Bank of the United States (Ex-Im), that is business as usual. Not only has Ex-Im earned more than $2 billion beyond operating costs over the last five years, they can be credited as the indispensable contributing factor that kept countless American small businesses competitive in a global marketplace.
During fiscal year 2013, Ex-Im estimated that 89% of their authorizations were in support of small business. Now in the fifth year of their Global Access for Small Business initiative, Ex-Im continues to proactively seek out these often neglected assets through seminars as well as City/State partnerships and marketing programs. These local affiliations allow Ex-Im to target their efforts where they are needed most. City/State Partners must comply with the following conditions:
“Your current mission must be the promotion, creation and expansion of businesses in a given region by making available financing assistance and entrepreneurial services. “
“You must recognize the importance of assisting local business in creating jobs through exports.”
In this capacity, Ex-Im serves as the medium for local government to foster an environment conducive to innovation and maximize the potential of their communities. Every American community abounds with persons of creativity and invention. These individuals require only the opportunity to compete properly in the global market.
Craig Carson started Jeco Plastic Products in Plainfield, Indiana in 1973. In 1999, the Export-Import Bank of the United States helped him to expand his market to Germany, Austria, Japan, Mexico and Canada. “We have routinely displaced low-cost alternatives from competitors in China on the basis of technology and kept the production base in the U.S.” states Carson. Craig Carson served his country as Commander of an Airborne Infantry unit in Vietnam. He is one of many military veteran business owners who have benefited from the initiatives of the Export-Import Bank.
Products made in the United States reflect the quality both of the production and also of the workforce. Due to the work of the Export-Import Bank, American entrepreneurs have the opportunity to introduce high value goods in a market saturated by inferior products made through unjust practices. The fate of the Export-Import Bank hangs in the balance as Washington is set to reconsider its necessity in June of 2015. Is innovation and entrepreneurship not a cornerstone of American prosperity? I would consider our small business owners to be quite necessary to American economic security.
“Exports create and sustain jobs for millions of American workers and contribute to the growth and strength of the United States economy. The Export-Import Bank contributes in a significant way to our nation’s export sales.”- President Ronald Reagan, January 30, 1984
“Export expansion obviously encourages our most advanced industries. I am committed to promoting these exports, and that’s where the Ex-Im Bank plays an important role.”- President William J. Clinton, May 6, 1993