FOR IMMEDIATE RELEASE June 17, 2012
Jamie Radice (202-565-3200)
Youngstown, Ohio -- Today, more than 100 Buckeye business owners attending the TechBelt Export Summit learned from leading experts how exporting can help increase their sales. Export-Import Bank Chairman Fred P. Hochberg, Senator Sherrod Brown, Representative Tim Ryan, Under Secretary of Commerce for International Trade Francisco Sánchez, Mayor William D. Franklin, and Mayor Charles P. Sammarone all participated in the event, which was hosted by the Youngstown/Warren Regional Chamber.
During these tough economic times, exporting is a powerful way for businesses to increase their bottom line, said Chairman Hochberg. Ohio ranks ninth nationally for exporting, but we can - and must, do better. I hope that after this summit, more Ohio companies will sell more products to more customers around the world.
Exports can create more jobs in Ohio, Senator Sherrod Brown said. An aggressive American export strategy is key to our recovery, and will produce both short and long-term benefits in Ohio and throughout the country. That's why strengthening efforts to connect small businesses with opportunities to sell their products and services abroad is so important—and that's exactly what today's forum is designed to do. I stand ready to help Ohio's companies grow their exports and add jobs, and encourage small business owners to contact my office for more information on the federal resources available to them.
The TechBelt is a tremendous example of how communities can collaborate to rebuild our job market and pave the way for more innovation through manufacturing. The more we make things in America, the more opportunities there are for innovation and advancement in every sector, and Ohio—with our TechBelt partners in Pennsylvania and West Virginia-- is already seeing the results of making manufacturing a priority, stated Congressman Ryan. Ohio's job numbers are improving faster than the national average because we are investing in the businesses and workers that will drive growth and make us leaders in the global export market once again. Administration officials keep visiting Northeast Ohio because of the growth we're seeing as a result of government, private companies and a strong workforce coming together.
During the summit, Chairman Hochberg gave an overview of Ex-Im's Small Business Initiative. The initiative was launched in 2011 with the goal of increasing the number of U.S. small businesses that export American-made goods and services. This is an integral part of President Obama's National Export Initiative to double U.S. exports by 2015.
Ohio small business owners who were unable to attend the event may contact Ex-Im Bank's Midwest Regional Export Finance Center at 312-353-8081. Information for small business exporters interested in how export financing can help them increase sales may visit the Ex-Im Global Access for Small Business web site at: www.exim.gov/smallbusiness/. Also, business owners that are currently not exporting, but interested in learning how to get started may contact the U.S. Export Assistance Center in Cleveland at 216-522-4750 or 1-800-USA Trade.
In FY'12, Ex-Im has already authorized more than $70 million in financing for Ohio businesses, with more than 63% of that going specifically to small businesses. In FY'11, the Bank authorized more than $320 million for Ohio companies.
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 five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 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.