exportersforex-im Archives - Shopfloor

Small- and Medium-Sized Ex-Im Users Head to White House

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A group of small- and medium-sized business owners joined President Obama at the White House Wednesday in a private meeting to share their stories about how the U.S. Export-Import (Ex-Im) Bank has helped their companies grow, compete in the global marketplace and support jobs in their respective communities.   Among attendees were Love & Quiches Gourmet, Air Tractor and Manhasset Specialty Company. Read More

Exporters for Ex-Im: RI Exporter Uses Ex-Im to Support New Customers in 11 Countries

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Manufactures of all sizes continue to engage foreign markets to grow their businesses and hire workers in the United States.  Access to export credit insurance and loan guarantees for foreign buyers of U.S.-made goods helps these companies compete. For Rhode Island-based manufacturer, Cooley Group, the U.S. Export Import Bank’s timely credit decision-making process and affordable credit insurance for its foreign receivables has helped the company reach new customers in 11 foreign countries.    Read More

House Foreign Affairs Subcommittee Examines National Security Role of Ex-Im Bank

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The House Foreign Affairs Committee’s Terrorism, Nonproliferation & Trade Subcommittee is examining today the role of trade promotion agencies like the Ex-Im Bank in supporting U.S. foreign policy. The United States needs a strong industrial base with robust R&D capability to support its national security interests, and those companies can benefit greatly from overseas markets. In many of those markets, export credit agencies (ECAs) like Ex-Im Bank play a crucial role in supporting suppliers for energy, aerospace and infrastructure projects.

This morning, the NAM hosted a conference call to highlight these issues with former U.S. Commerce Secretary Carlos Gutierrez and former National Security Advisor General James L. Jones. Also joining the call were to two manufacturers that illustrate the role of Ex-Im Bank in supporting their overseas growth and in enabling their commitment to U.S. foreign policy objectives. Secretary Gutierrez and General Jones joined with a dozen former U.S. government officials in February to send a letter to Congress underscoring the importance of commercial and economic diplomacy to U.S. national security. Read More

Tens of Thousands of Jobs Depend on Ex-Im Bank Renewal

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As Congress continues to debate the future of Ex-Im Bank, it’s clear that a bipartisan majority supports its reauthorization. Over the past few weeks, various Congressional leaders have expressed their support for reauthorization. Today, House Speaker John Boehner (R-OH) said the expiration of the Ex-Im Bank could cost “thousands of jobs.”  Manufacturers agree and we urge Congress to move quickly to schedule a vote on a long-term reauthorization of Ex-Im Bank. Read More

Long Term Reauthorization of Ex-Im Bank is Critical for Manufacturers

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Today, manufacturers and small businesses from across the country were in our nation’s capital to fight for a critical component of our national economic policy: the Export-Import Bank (Ex-Im). More than 650 individuals paid their own way to come to Washington, D.C. to educate and inform our leaders in Congress about the role the Ex-Im Bank plays in ensuring American manufacturers can compete overseas on a level playing field.

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Ex-Im Bank Fuels Alabama Exporters

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Earlier today in Hope Hull, Ala., National Association of Manufacturers (NAM) President and CEO Jay Timmons Jay VT Miltopetoured the shopfloor at VT Miltope, a leading U.S. manufacturer of computers and computer peripheral equipment for military, industrial and commercial tactical and aviation applications.

Joined by VT Miltope Executive Vice President Brigadier- General Edward F. Crowell (USAF Retired) and Business Council of Alabama President and CEO Billy Canary, Timmons continued to emphasize the importance of securing a long-term reauthorization of the Export-Import Bank in Congress on one of the final legs of the State of Manufacturing tour.

“Suppliers like VT Miltope are the backbone of our nation’s manufacturing economy. A long-term reauthorization of the Export-Import Bank is a necessary step that this Congress needs to take action on immediately to support job-creators. The debate over the future of the Ex-Im Bank boils down to whether we want manufacturers in the United States to win overseas, or whether we want our foreign competitors and their workers to swoop in and seize these opportunities,” Timmons said. Read More

Exporters for Ex-Im: There’s More Than Meets the Eye with Large Corporate Ex-Im Bank Users

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Behind every large corporate user of the U.S. Export-Import (Ex-Im) Bank—a guarantor of affordable export financing—are hundreds, even thousands, of small business suppliers whose futures are inextricably connected to the bank’s fate.

Click Bond, Inc., in Carson City, Nevada, is a case in point. The company is a developer and manufacturer of fastening hardware and adhesive bonding processes for the aerospace, surface transportation, maritime, and offshore energy markets. Click Bond is the classic “invisible exporter,” a company that supplies parts to large U.S.-based manufacturers, which in turn export a majority of their products with the help of Ex-Im’s financing backing.

The aerospace industry is Click Bond’s oldest and biggest market—the company’s fasteners can be found on the 787 Dreamliner, F-35 Lightning II fighter jet, and even NASA’s Mars Curiosity Rover. Its largest strategic civil aviation customer is Boeing, which depends on Ex-Im to back competitive loans proffered to foreign purchasers of its airplanes.

Boeing is a frequent target of anti-corporate rhetoric from critics who would like to see the bank’s charter expire, but Click Bond Director of Strategic Partnerships Paul McNeill says those critics fail to recognize Ex-Im’s downstream impact on small and mid-size manufacturers that do not contract directly with Ex-Im Bank.

“A significant majority of components found on Boeing aircraft are manufactured by other companies—companies in Boeing’s supply chain,” McNeill says. “When someone sees a Boeing airplane in the sky, that’s not just the work of Boeing. It represents the contributions of thousands of small businesses.”

Without Ex-Im, Boeing would be at a disadvantage to its European rival Airbus, and its suppliers’ competitiveness would also suffer, according to McNeill. “When Boeing thrives, its U.S. suppliers become more competitive by investing in innovation and in processes that improve performance and lower costs. We can’t do that if Boeing isn’t selling airplanes. Boeing is an enormous economic engine that fuels competitiveness at multiple levels in the U.S. manufacturing base.”

Click Bond says that Ex-Im’s closure would jeopardize the jobs of its 400-plus employees, 80 percent of whom directly or indirectly support Boeing’s commercial airplane exports. “It would be a significant blow to our competitiveness,” McNeill states.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

Exporters for Ex-Im: For This Small Manufacturer, Ex-Im Bank Holds the Keys to a $15 million Project

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Jason Speer spent months developing a business deal that was shaping up nicely.

Speer is the president of Quality Float Works, Inc., a manufacturer of metal float balls, valves and assemblies that level liquid controls for a variety of industrial applications. He had reached an agreement with a residential real estate developer in Saudi Arabia to supply shut-off switches for water tanks installed in the new homes of a development outside of Riyadh.

Speer had traveled from Schaumburg, Ill., about 25 miles northwest of Chicago, to Saudi Arabia three times to negotiate the multi-phase deal. He is awaiting a letter of credit from the Saudi real estate developer’s bank to his bank with an accompanying purchase order.

Right now, one obstacle stands in the way. Speer needs a working capital guarantee from the U.S. Export-Import Bank to finance the raw materials required to manufacture the switches. With Ex-Im Bank’s lending authorization set to expire on September 30 if Congress fails to extend its charter, the contract with his Saudi client hangs in the balance.

“Private lenders won’t touch (loans) for the type of materials we need, and it’s very hard for small and medium size businesses to raise capital upfront,” Speer said. “During our planning, never once did we think the Bank would lose its authorization. We might be forced to scramble to try to find other options, without which we won’t be able to fulfill this order.”

If the deal collapses, Quality Float Works stands to lose $15 million in revenue and will hold off hiring the six new employees needed to service the Saudi contract, Speer said. Ex-Im’s predicament is troubling for a small business increasingly dependent on exports. While exports accounted for just 3% of Quality Float Works’ sales in 2001, today they make up 35% of the firm’s sales, with customers in nearly three dozen countries. The number of employees at the company has doubled to 24 in that time.

The pending deal with the Saudi developer is the first instance in which Quality Float Works has applied for an Ex-Im loan guarantee, and it hopes it won’t be the last. Speer, a committed small business advocate who has testified before Congress in support of free trade agreements, says his message to members of Congress is simple: “The Ex-Im Bank can make or break the ability of small and medium size businesses to export, and, by extension, their ability to create jobs and grow the economy.”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

Exporters for Ex-Im: Bank A “Valuable Tool” For Commercial Cleaning System Exporter

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Bob Toews, vice president of Kaivac Inc., says his company is defined by its entrepreneurial spirit. That resourcefulness helped them design a no-touch commercial cleaning system that can clean floors 30 times better than a mop – in a fraction of the time.

Their patented cleaning system has appeal across the globe. It’s used in London Heathrow and Amsterdam Airports, to name a few, as well as the iconic Louvre Museum in Paris. But as is the case for many businesses looking to tap into global demand, Kaivac found the Export-Import Bank to be a valuable asset in making those deals possible.

Kaivac is based in Hamilton, Ohio, and has 50 employees. When the company started to explore potential new markets, Toews said the company networked through friends and family to reach new customers. Their success, however, was limited by the fact that they needed required cash in advance for overseas sales.

The company needed to offer credit terms to grow, but the availability of private sector credit insurance did not, according to Toews, “reach down to their level.” In 2010, Toews started using Ex-Im Bank credit insurance and got five international customers qualified.

“Offering foreigners credit terms was a big benefit. It ratcheted up their interest and ability to buy,” he said

The result has been a significant uptick in overseas sales. Toews said that last year, the company doubled their export sales – about half of which were supported by Ex-Im credit insurance. In fact, the company has just hired another person solely dedicated to selling the cleaning systems internationally.

Toews says Ex-Im is so valuable because it is “a great tool to reach markets that are hard to reach without it.” He is disappointed about the current fight in Congress for reauthorization but is confident the benefits of Ex-Im will shine through.

“At the end of the day,” Toews noted, “what other programs really help small businesses?”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

Exporters for Ex-Im: ​Brownies, Cakes, And Ex-Im Bank Collide

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If you’ve eaten cheesecake, chocolate cake or brownies at a major chain restaurant, there’s a good chance it was made by Love and Quiches Gourmet in Freeport, N.Y.

Susan Axelrod, the company’s chairwoman and founder, started the company in her home kitchen in 1973 and knocked on thousands of doors to get people interested in her quiche and desserts. The company grew from there and now has several hundred employees who help the company sell pastries and a variety of cakes all over the world.

That success, Ms. Axelrod said, is partly attributable to the U.S. Export-Import Bank, a small government agency that could be shut down if Congress doesn’t act by the end of September. Love and Quiches started using the Ex-Im Bank almost 20 years ago and, like thousands of small business around the country, found it crucial to its success.

Love and Quiches relies on the Bank’s credit insurance program. The Bank charges the company a fee for insurance in case a foreign customer fails to pay for the desserts the company ships abroad.

But in the nearly two decades since Ms. Axelrod starting using the Bank, her company hasn’t had to file a claim with the Ex-Im Bank. “We’re very careful who we do business with. We’ve never had a claim – never,” she said.

The Ex-Im Bank named Love and Quiches its 2014 Small Business Exporter of the Year, an award that Ms. Axelrod is proud to discuss.

She said the company doesn’t want the Ex-Im Bank to go away. That, she said, would make it “harder for us to compete with all the other bakery companies in the world that get more support from their government.”

She said other small businesses don’t have the same flexibility as her company and, without Ex-Im Bank, they “would have to walk away from their export business.”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.