Export-Import Bank of the U.S.
South Carolina has 54 exporters that had a total export value of $4 billion dollars in the last 5 years. The Ex-Im Bank has insured or financed $767 million for these exporters over the last 5 years.
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. The Ex-Im Bank was reauthorized on December 4th, 2015. That authorization will remain in effect until 2019.
Ex-Im Bank Facts:
- American Workers and Their Families Benefit from Ex-Im: The EX-IM Bank has supported 1.4 million private-sector, American jobs in the past eight years, supporting 52,000 jobs in FY 2016.
- Small Businesses: Over 90 percent of transactions last year benefited small businesses. Plus, tens of thousands of small business suppliers benefit from partnerships with large exporters.
- Taxpayers: Since 2009 the Ex-Im Bank has contributed almost $3.8 million to American taxpayers.
- Critical to U.S. Competitiveness: Other countries provide substantial support for their exporters — there are at least 85 foreign export credit agencies around the world. Those export credit agencies work aggressively, often together 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. 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.
"The Export-Import Bank is a vital tool to keep and grow manufacturing jobs in South Carolina and the United States" said Ted Pitts, President & CEO of the South Carolina Chamber. To read Pitts' full letter to Senator Tim Scott regarding the Ex-Im Bank and Ex-Im nominee Scott Garrett, click here.