Export-Import Bank of the U.S.
In the last 5 years, the Ex-Im bank supported nearly $3 billion in exports from the state of South Carolina for 67 companies, 35 of which are small businesses.
The Ex-Im Bank is a small federal agency that helps U.S. companies, including small and medium-sized businesses, sell their products overseas, create jobs for American workers, and grow the U.S. economy at no cost to taxpayers. As American companies compete and win in these international markets, they increase exports, create U.S. jobs and grow the American economy.
Thirty governors, including Governor Nikki Haley, sent a letter to Congress urging reauthorization of the Export-Import Bank, the official export credit agency of the United States that assists in financing the export of goods and services to international markets.
At the March 31 Washington Night, hosted by the South Carolina Chamber of Commerce, South Carolina congressmen discussed the Bank and its reauthorization. “What we have with the Ex-Im Bank is competition,” said Congressman Joe Wilson. Hear more from Congressman Wilson. Congressman Mark Sanford said he will support the Ex-Im Bank because it is so important to his district. Congressman Mick Mulvaney presented arguments from both sides of the Ex-Im Bank, but said it will likely be reauthorized with reforms. Congressman Tom Rice also discussed businesses in his district, specifically in rural areas, that use the Ex-Im Bank. Hear what Congressman Rice had to say about the Export-Import Bank.
Ex-Im Bank Facts:
- American Workers and Their Families Benefit from Ex-Im: The Bank supported 1.3 million jobs across the U.S. in the last six years.
- Small Businesses: About 90 percent of transactions last year benefited small businesses. Plus, tens of thousands of small business suppliers benefit from partnerships with large exporters.
- Taxpayers: Ex-Im has generated $2.7 billion for taxpayers in the last six years, mostly through fees collected from foreign customers. Eliminating Ex-Im would end up increasing the U.S. deficit.
- Critical to U.S. Competitiveness: Other countries provide substantial support for their exporters — there are at least 59 foreign export credit agencies around the world. Those export credit agencies work aggressively, often hand-in-hand with the government, to support domestic industries. Without the Ex-Im Bank, the U.S. would be the only major economic power without an export credit authority.
- U.S. Jobs Rely on Exports: With 95 percent of the world’s customers living outside the United States, exports are the key to America’s future prosperity and jobs. Nearly one-third of U.S. economic growth since mid-2009 has been driven by exports. Ex-Im is a key reason that U.S. exports are growing. In 2013, Ex-Im supported $37 billion of U.S. sales to customers in other countries.
Chamber President Comments on what Ex-Im Bank Means to South Carolina Business. Read the Story.
See one company’s story: http://www.scchamber.net/media-center/article/ex-im-bank-dispute-risks-sc-jobs
South Carolina is already losing jobs because of Congress' failure to reauthorize the Ex-Im Bank. Read the Story