WASHINGTON – United States Senator Mary L. Landrieu, D-LA., Chair of the Senate Committee on Small Business and Entrepreneurship, released the following statement heralding the reauthorization of the critical Export-Import Bank that will aid American small businesses and economic growth. Additional information on the Ex-Im Bank is located at the bottom of the release.
“Although our almost 28 million small businesses are the backbone of America’s economy, these job creators have difficulty exporting their goods in today’s global marketplace. The reauthorization of the Export-Import Bank will promote fiscal stability for innovative American businesses, by providing export-financing support for the sale of American goods and services to foreign buyers.
“Small businesses will directly reap the benefits of the Ex-Im Bank’s reauthorization. For example, in 2011, nearly 90% of the Ex-Im Bank’s loans went to aid small businesses, leading to the creation of an estimated 288,000 jobs. It also provided a record-breaking $6 billion to aid small businesses with their export financing and insurance. In my home state of Louisiana, the Ex-Im Bank has aided 123 companies, including 75 small businesses since 2007, providing more than $146 million in 2011 alone. It has also helped Louisiana with more than $1billion in export sales.
“There is widespread support for the Ex-Im Bank from a variety of stakeholders. Groups such as the National Small Business Association, Business Roundtable, U.S. Chamber of Commerce, and National Association of Manufacturers along with CEOs from companies like Dow, American Express, Conoco Phillips, DuPont, GE, and Johnson & Johnson have all supported the Ex-Im Bank’s reauthorization. I’m pleased that Republicans and Democrats were able to work together to reauthorize this critical agency that doesn’t cost the U.S. taxpayers one penny and will reduce the deficit. This is a step in the right direction for small businesses in Louisiana and across America to prosper.”
Additional Export-Import Bank Facts:
• Current authorization would have expired on May 31st, but with today’s reauthorization the Bank will be authorized through FY2014.
• Export-Import Bank’s lending cap will immediately increase to $120 billion for the remainder of FY12.
o The cap will increase to $130 billion in FY13 and $140 billion in FY14 if the Bank keeps default rates under 2% and fulfills several other requirements.
• The Export-Import Bank has returned $4.5 billion to Treasury since 1992. CBO has said that a reauthorization of the Bank will reduce the deficit by $900 million over 5 years.