Ex-Im Bank’s Global Access for Small Business Initiative Hits Benchmark
WASHINGTON, June 23,2011 /PRNewswire/ — The Export-Import Bank of the United States (Ex-Im Bank) reached a new milestone this month when the 1,000th small business customer joined the list of first-time users of the Bank’s export finance products as part of its Global Access for Small Business (Global Access) program. Serverlift, located in Phoenix, Ariz., helped bring Ex-Im Bank one step closer to achieving its goal of adding 5,000 new small business customers by 2015 – a central feature of Global Access which launched in January.
Serverlift is a high-tech company that specializes in the manufacturing of lifts for transporting and sustaining data center servers. They received a $250,000 Express Insurance policy from Ex-Im Bank in June, 2011 with approved foreign buyers in Ireland and Turkey. This financing product was developed specifically for qualified small businesses; it features a streamlined application and both a policy quotation and two foreign-buyer credit indications up to $300,000 within five business days.
Serverlift originally manufactured in China and recently moved operations back to the U.S., resulting in doubling the number of its U.S. employees.
“The Bank’s support gives us the credibility that we need to pursue foreign buyers,” said Ray Zuckerman, CEO of Serverlift. “Extending credit makes us more attractive to our customers and allows us to sell to larger companies.”
The Global Access initiative is a key component of Ex-Im Bank’s work supporting President Obama’s National Export Initiative (NEI) and its goal of doubling U.S. exports by 2015. In addition to bringing 5,000 more small businesses into the Ex-Im Bank portfolio, the initiative aims to approve at least $30 billion in small-business transactions during the five year period of the NEI. To reach these benchmarks, Ex-Im Bank is offering new financing and insurance products, such as Express Insurance being used by Serverlift, that complement existing Bank programs.
“Growing small business exports is a top priority at the Bank,” said Chairman and President Fred P. Hochberg. “The U.S. economy will not grow without exports and we will not reach our export potential without the participation of small business. Through Global Access we can make sure that more small businesses are selling more products, to more customers in more countries – and in the process growing their business and adding new workers to their payrolls.”
The Global Access initiative also includes extensive outreach. Since the beginning of 2011 when Global Access began, there have been 16 public forums across the country that have attracted over 2,000 small business owners who have learned about the export resources available from a range of government agencies and private organizations. In addition, Ex-Im Bank has sponsored monthly webinars for hundreds of exporters that feature various financing products.
“Ninety-five percent of the world’s customers live outside of the U.S., and the best way to reach them is through exports,” said Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce. “Working with the Ex-Im Bank, America’s small businesses have a golden opportunity to increase their sales, expand into the global marketplace, and create jobs at home at a time when we really need it. Global Access forums provide a platform for small businesses to receive guidance on how to enter new markets and increase sales by exporting.”
The other leading private-sector partner for Global Access is the National Association of Manufacturers (NAM), the nation’s largest manufacturing association. NAM has increasingly played a role in the nation’s economic progress as President Obama recently noted that the development of the manufacturing sector is essential in creating more U.S. jobs. Significantly, the association’s support of Ex-Im Bank’s effort to reach small businesses has paralleled this progress.
“Expanding U.S. manufactured goods exports is vital to creating new manufacturing jobs and growing the economy,” stated Jay Timmons, president and CEO of NAM. “Improved access for trade financing is essential for manufacturers to grow exports. Through our partnership with the Global Access initiative, we have been able to help small and medium-sized manufacturers expand into new markets, getting us closer to the goal of doubling exports by 2014.”
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
In the first eight months of fiscal year 2011, Ex-Im Bank approved $20.3 billion in total financing authorizations, a 25% increase since fiscal year 2010, supporting $26 billion in U.S. export sales and more than 175,000 American jobs in communities across the country. During the same period in fiscal year 2010, Ex-Im Bank approved $16.3 billion, supporting $19.9 billion in U.S. export sales and 137,000 American jobs.
For more information, visit Ex-Im Bank’s Web site at http://www.exim.gov/.
Global Access Forums have been held in the following locations; Manchester, N.H.; Philadelphia, Pa.; Minneapolis, Minn.; Lafayette, La.; Kansas City, Mo.; Los Angeles, Calif.; Denver, Colo.; Long Island, N.Y.; West Long Branch, N.J.; Miami, Fla.; Wilmington, Del.; San Leandro, Calif.; Wichita, Kan.; Charlotte, N.C.; Providence, R.I.; and Clinton, Md.
Global Access Partners include; U.S. Chamber of Commerce, The Department of Commerce (U.S. Commercial Service), The Office of the U.S. Trade Representative (USTR), U.S. Small Business Administration (SBA), National Association of Manufacturers (NAM), FedEx, Wall Street Journal, PNC Bank, Bank of America Merrill Lynch, Wells Fargo Bank, and HSBC Bank USA, N.A.
SOURCE Export-Import Bank of the United States