FOR IMMEDIATE RELEASE August 26, 2019
Kristin Rudman (202) 565-3201
Washington, D.C. – Kimberly A. Reed, president and chairman of the Export-Import Bank of the United States (EXIM), met with business leaders today in Lexington, Stanford, and Richmond, Kentucky, to share export finance solutions available to help Kentucky small businesses increase sales and compete effectively in the global marketplace.
Chairman Reed and U.S. Representative Andy Barr (R-KY 6th District), a member of the House Financial Services Committee, engaged in a small business roundtable discussion at Valvoline’s world headquarters in Lexington.
Reed, who was introduced by Robert Brown, chairman of the District Export Council for Kentucky and Southern Indiana, explained how EXIM’s financing options can help Kentucky companies, both large and small, grow through the export of “Made in the USA” goods and services.
Participating in the discussion were 25 representatives of Kentucky-based small businesses, local banks, trade associations, and state and federal government. Officials from the offices of U.S. Senator Rand Paul (R-KY) and Representative Barr also attended.
“President Trump is committed to growing America’s manufacturing sector and small businesses. The Export-Import Bank of the United States is an important tool in helping our manufacturers and small businesses grow through exporting products to international markets,” said President and Chairman Kimberly A. Reed. “It was a privilege to join Representative Barr, who is a champion for Kentucky’s businesses that are trying to succeed in the fiercely competitive global marketplace, and 25 stakeholders in a discussion about the unique role of EXIM to help grow Kentucky’s economy and create American jobs through the export of U.S.-made products overseas.”
“It was a pleasure to host Chairman Reed today in Lexington and to showcase the innovative business leaders who call Kentucky home,” said Representative Barr. “As a member of the House Financial Services Committee, I look forward to continuing to work with Chairman Reed and my colleagues in Congress to ensure the EXIM Bank helps Kentucky businesses compete in the global market.”
Reed added, “In the past five years, EXIM has supported exports valued at more than $328 million from 30 companies across Kentucky. We want America’s small businesses like the ones we heard from in Kentucky to know we can assist them as they compete for and win deals around the world.”
Chairman Reed began her outreach in Kentucky with visits to two EXIM stakeholders. Reed met with Stan Clifford, CEO, and senior leadership of DecoArt, Inc., in Stanford. The company, which employees 200 workers at three locations in central Kentucky, manufactures a broad range of quality acrylic paints and specialty finishes for artists, crafters, and “do it yourself” home decorators and sells to wholesale distributors that serve more than 70 countries. DecoArt uses EXIM’s export credit insurance to support exports to 28 countries.
Reed also met with John McPhearson, CEO of Lectrodryer, LLC, in Richmond. For more than 80 years, Lectrodyer has designed, engineered, and manufactured desiccant-type drying and purification equipment for the removal of water and other impurities from air, gases, and liquids. The company, which employees 55 workers, has utilized EXIM’s working capital guarantee.
EXIM provides a portfolio of small business solutions for U.S. businesses, including export credit insurance to minimize financial risk and improve cash flow, working capital guarantees to provide credit lines for producing goods and services, and term financing to support international buyers in purchasing American capital goods and services.
EXIM Chairman and President Kimberly Reed met with U.S. Representative Andy Barr (R-KY 6th District), Robert Brown, chairman of the District Export Council for Kentucky and Southern Indiana, and Kentucky business leaders to share export finance solutions to help Kentucky small businesses compete successfully in the global marketplace.
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.