The Association of Equipment Manufacturers (AEM) congratulates Members of Congress and President Obama for passing the Export -Import Bank Reauthorization of 2012 and signing it into law.
The U.S. Export-Import Bank (Ex-Im Bank), which supports hundreds of thousands of U.S. jobs by providing export credit and insurance to more than 3,000 mainly smaller American companies, plays a vital role in helping American workers and businesses compete overseas.
"Funding from Ex-Im Bank not only helps U.S. manufacturers grow but also has generated more than $3.4 billion for the American taxpayer since 2005," stated AEM President Dennis Slater.
Ex-Im Bank's lending regulations stipulate that the vast majority of bank transactions must go to small businesses. In fact, 87 percent of the bank's transactions have gone to small businesses, and Ex-Im Bank provided more than $6 billion in financing and insurance to small businesses in Fiscal Year 2011 alone.
AEM notes that Ex-Im Bank's commitment to assisting small businesses is crucial, as large financial institutions are often unwilling to provide financing and credit into emerging markets for smaller transactions. "I've spoken with many small U.S. manufacturers, and obtaining financing and credit continues to be a problem negatively impacting growth," Slater said.
"If U.S. manufacturers are going to compete effectively in the global marketplace, access to credit and insurance must be available to all businesses regardless of how big or small, to help ensure 21st century prosperity and growth," Slater added. "AEM firmly believes that when U.S. workers and businesses are allowed to compete, America wins."