Looking Back at a Productive FY2015 and Forward to an Exciting FY2016!
By: Fred P. Hochberg, Chairman and President, Export-Import Bank
Today the EXIM Bank is releasing our FY2015 Annual Report.
Despite the challenges we faced with our reauthorization, and the ensuing 5 month lapse, in FY2015 EXIM was able to accomplish the following:
- we supported 109,000American jobs
- we supported $17 billion in exports at no cost to American taxpayers;
- we supported more than $3.1 billion of exports from U.S. small businesses;
- nearly 90% of transactions directly supported U.S. small businesses;
- we had a default rate of 0.235% as of Sept. 30, 2015; and
- we sent $431.6 million to the U.S. Treasury for debt reduction
American exporters and their workers offer many of the world’s highest quality goods and services, but they may not be enough when they are up against government-owned and government-backed competitors – that’s where EXIM comes in.
But numbers alone do not tell the complete story of EXIM's impact on behalf of the American people. So the Annual Report also includes stories from our customers – particularly small business entrepreneurs who have worked with the EXIM team to grow their businesses and create new jobs through exports.
Zeeco - Broken Arrow, Okla.: Zeeco is an innovative combustion technology company that produces efficient industrial burners and flares serving the energy industry. Zeeco began as a small business, but since the company began working with EXIM, it has more than doubled its workforce.
Acrow Bridges - Parsippany, N.J.: with facilities in Milton, Pa., and suppliers in New Castle, Del.: Acrow Bridges designs, manufactures and installs prefabricated modular steel bridges around the world and has worked with EXIM on sales to Africa. Prior to the lapse, EXIM approved loan guarantees to finance the sales of Acrow bridges to the governments of Cameroon and Zambia.
ElectraTherm Inc. - Reno, Nev.: ElectraTherm Inc. is an innovative American small business that has discovered how to capture the abundant energy resource of waste heat and convert it into a clean source of electricity. Using two different EXIM Bank products designed for small business, ElectraTherm is increasing exports of its machines.
Robbins Sports Surfaces - Cincinnati, Ohio: Robbins Sports Surfaces makes some of the finest basketball courts in the world, using hardwoods from northern Wisconsin and Michigan. Headquartered in Ohio, the company ships its courts to fill arenas and gyms from Southeast Asia to the Middle East. Fifty percent of Robbins’s exports were insured by EXIM’s multibuyer policy.
As you can see, despite the challenges we faced, the Bank’s role to ensure American competitiveness – particularly for small businesses - was undeniable.
With our new long-term reauthorization through 2019, we are charging forward to support American businesses. With renewed Trade Promotion Authority and the possibility of the Trans-Pacific Partnership (a 12-country free trade agreement), the United States can significantly expand exports of “Made in America” goods and services. And EXIM Bank is here to ensure that U.S. Exporters of every size can realize those opportunities.
That’s our mission; that’s our lifeblood. The aim of our 400-plus dedicated employees is to enable our exporters to access new markets and grow American jobs.
We certainly are well-positioned for an exciting 2016 and look forward to working with you to grow jobs and expand exports!