Delaware Businesses Gain Export Assistance as Delaware Office of State Treasurer Partners with Ex-Im Bank
DOVER, DEL. — Delaware companies will have an edge in selling their products and services in foreign markets due to a new partnership between the Delaware Office of State Treasurer and the Export-Import Bank of the United States (Ex-Im Bank).
The Office of State Treasurer, in partnership with the Delaware Economic Development Office (DEDO) and World Trade Center Delaware (WTCDE), today joined Ex-Im Bank's City-State Partners Program, a national marketing initiative that brings export financing services to small- and medium-sized U.S. companies through cooperation with state and local governments and private sector organizations.
With the addition of the State Treasurer's office, Ex-Im Bank now has 45 city-state partners in 36 states, plus the Commonwealth of Puerto Rico.
Small businesses have the greatest potential for export and job growth in the U.S. economy, said James H. Lambright, president and chairman (acting) of Ex-Im Bank, in signing the partnership in Dover, Del., today. Our partners ensure that these small firms have access to the same expertise and export opportunities as large companies and foreign competitors.
This really is an important tool to help Delaware grow its own businesses and enable them to become competitive entities on the global stage, State Treasurer Jack Markell said. This relationship with Ex-Im Bank opens the door for our Delaware businesses to take full advantage of the valuable plans and programs designed to enable them to better compete in emerging growth markets abroad.
Markell said the Office of State Treasurer, DEDO and WTCDE plan to hold multiple trade seminars over the next year in conjunction with Ex-Im Bank. The Delaware agencies can walk local businesses through the process of applying for a wide range of Ex-Im Bank financing tools including working capital support, export credit insurance and loan guarantees that will enable them to better compete in growth markets abroad.
Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world. In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports. This represented 3,128 transactions, of which 2,617, or over 80%, directly benefited small businesses. Over the past five years, Ex-Im Bank has helped 14 Delaware companies in Dover, New Castle, Newark and Wilmington export more than $100 million in goods and services.
For more information on Ex-Im Bank, visit the web site at http://www.exim.gov. More information on the Office of State Treasurer may be found on the Web at http://www.state.de.us/treasure. For information on becoming a City-State Partner, or contacting existing Partners, e-mail Mr. Gus Grace via e-mail at Gus.Grace@exim.gov.