Ex-Im Bank and New York Fed Join Forces to Boost Small Business Exports and Create New York Jobs
New York, N.Y. - Today, the Chairman and President of the Export-Import Bank of the United States (Ex-Im Bank), Fred P. Hochberg, Deputy Mayor Robert Steel, and City Council Speaker Christine Quinn outlined ways more New York small businesses can export and create jobs at a forum hosted by Ex-Im Bank and the New York Federal Reserve. The event was attended by more than 250 small business exporters and focused on the critical role of exports in New York's economic recovery.
Attendees heard from a panel of New York small businesses that have successfully boosted their exports. New York companies featured were AMSA International, Global Export Marketing, and Argosy International Inc. Participants also had the opportunity to engage in one-on-one consultations with representatives from Ex-Im Bank, the U.S. Small Business Administration, and the U.S. Department of Commerce. In addition, James Rubin, counselor for competitiveness and international affairs at the Empire State Development Corporation, spoke on behalf of Governor Andrew Cuomo.
Small companies are far outpacing large companies in job creation, and New York can build on this trend by encouraging more of them to sell to more customers in more countries - especially emerging markets around the globe, said Chairman Hochberg. Ex-Im Bank is committed to increasing our export financing to New York businesses, and that's why we're here today.
In Fiscal Year 2011, Ex-Im Bank authorized more than $313 million for New York businesses, and 41% of this financing supports small businesses.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers.
In the past six years, Ex-Im Bank has earned for U.S. taxpayers $3.7 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 — an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales — also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.