The House Committee on Foreign Affairs, Subcommittee on Terrorism, Nonproliferation, and Trade, holds a hearing at 10 a.m. Thursday: “U.S. Export Promotion Strategy.” Testifying is the NAM’s Frank Vargo, Vice President for International Economic Affairs.
Timely hearing, what with it being Small Business Week and all, and since NAM President John Engler spoke last Thursday at the annual conference of the Export-Import Bank. He highlighted an NAM member company, Air Tractor Inc., of Olney, Texas, featured in the Eximbank’s annual report.
Developing markets are creating a growing demand for capital goods such as agricultural and construction equipment, but U.S. exporters often face limited availability of longer-term financing for borrowers in these markets. Air Tractor Inc., in Olney, Texas, a small-business manufacturer of agricultural and forest fire-bombing airplanes, has found an invaluable tool in Ex-Im Bank’s medium-term financing to increase its exports.
In 40 transactions over the past 12 years, Air Tractor has used the Bank’s medium-term insurance to export an estimated $20 million of its aircraft, primarily to small private-sector buyers in Argentina and Brazil. Exports now account for approximately 39 percent of the company’s total sales.
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