Texas Insider Report: WASHINGTON D.C. While lawmakers continue to beat the drum for jobs and helping Americas small businesses publicly in private they have put at risk a program of critical importance to small-business exporters" said Todd McCracken President & CEO of the National Small Business Association (NSBA) as it sent a letter to House leadership Wednesday urging their prompt action to reauthorize the U.S. Export-Import Bank (Ex-Im Bank). Currently facing potential stoppages in financing small-business exporting more than 70 small-business owners advocates & exporters are calling on lawmakers to ensure Ex-Im Bank can support growing U.S. exports.
Hijacking Ex-Im Bank in the near-term does a great disservice to small businesses and the U.S. economy in the long-term" McCracken said.
The Export-Import Bank a self-sustaining federal agency provides lending and insurance guarantees to help U.S. exporters compete globally and ensure payment for their goods and services.
Congress failed to enact a long-term reauthorization by Sept. 30 2011 when its renewable charter expired and has since enacted a short-term extension with no increase in its lending cap.
Ex-Im Bank currently has more business in its pipeline than it can support given the current cap limitations and unless Congress acts soon exporters could see their lender of last resort falter as it waits for the new reauthorization.
For Fiscal Year 2011 Ex-Im Bank supported an estimated $24 billion in export sales and 290000 U.S. jobs at over 3600 companies. Ex-Im Bank also set a record in its support of small
business at $6 billionan increase of more than 20 since 2010.
Not only has Ex-Im Bank supported an estimated $24 billion in export sales last year alone it has returned roughly $3.5 billion to the U.S. government since 2006" stated NSBA Chair Chris Holman CEO of Michigan Business Network.com and President of The Greater Lansing Business Monthly.
I cant understand why we would not go ahead with one of the few programs that actually is profitable to business and the federal government" said Holman.
