Yesterday a post on National Review’s The Corner blog contains some clear inaccuracies regarding the Export-Import Bank and what it means to manufacturers, both large and small.
This post would have you believe that the Bank only helps large companies when in fact the Bank is doing more and more every year for small manufacturers. In fact, more than 85 percent of the Bank’s transactions in 2011 were in direct support of small businesses. Thousands of small and medium-sized manufacturer rely heavily on the Ex-Im Bank to be able to compete globally. Without the Bank many of these companies will lose out on deals to overseas competitors, costing jobs here at home.
The Corner post also misses a key fact that Ex-Im Bank actually makes money for the taxpayers. It’s difficult to make the argument that Ex-Im is a costly program when over the past five years the Bank has returned more than $3.4 billion to the Treasury. The numbers show the facts loud and clear. And if the Bank isn’t reauthorized it would actually increase the deficit, and an offset would be needed to fill the void left from the money Ex-Im returns to Treasury.
The bottom line is our competitors overseas are outpacing us when it comes to export financing. Our competitiveness, jobs and ability to grow exports will be hurt if the Bank is not reauthorized. The Bank is essential to the engine that drives our economy, small businesses. Just click here to read first-hand testimonials about what the Bank means to these businesses.
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