Tomorrow the Senate is expected to vote on an amendment which will reauthorize the Export-Import Bank. Last week the NAM issued a Key Vote letter on the amendment.
The facts are crystal clear that the Ex-Im Bank supports jobs and helps small and medium-sized manufacturers in the U.S. grow exports. More than 85 percent of the Ex-Im Bank’s transactions directly support small business.
The Washington Post’s Olga Khazan reports on what the Bank means to Patton Electronics based in Gaithersburg, MD:
Bobby Patton is the embodiment of the idea that increasing exports can help grow jobs. His Gaithersburg telecom company, Patton Electronics, first began selling routers and other devices to overseas customers during the 1990s. As exports began to comprise a greater percentage of his revenue, his bank began to take notice.
“Our local bank didn’t want to lend against those international receivables the way they lend against domestic receivables,” he said.
The threat of Congress failing to reauthorize the Bank has caused Mr. Patton to put on hold expansion plans:
Meanwhile, Patton said, his local bank has already put the brakes on his plan to expand to a new manufacturing facility.
“We have a contract to acquire a new building and move into a new manufacturing facility, and the bank is saying they don’t want to add more debt if Ex-Im is going to be changing what they’re doing on international borrowing,” he said. “They don’t want to add more risk.”
Also, CBS Evening News ran a segment this past weekend featuring small manufacturers Air Tractor based in Olney, Texas. Air Tractor uses the Ex-Im Bank to help export their products all over the world and if the Bank is failed to be reauthorized it could negatively impact their business.
Manufacturers urge senators to stand up for jobs and exports tomorrow and vote for the reauthorization of the Ex-Im Bank.
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