FOR IMMEDIATE RELEASE October 27, 2010
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. - Southern California small businesses can grow profits and jobs by exporting, with the help of innovative financing products from the Export-Import Bank of the United States (Ex-Im Bank), Ex-Im Bank Chairman and President Fred P. Hochberg said today.
We want to help more Long Beach area companies successfully compete for sales to foreign buyers, Hochberg said at the Small Business Exporter Forum at the Port of Long Beach. Ninety-five percent of the world's customers live outside of the U.S., but only 1% of U.S. businesses are exporting. This is an opportunity companies can't afford to miss, and we're here to make it easier.
Hochberg noted that PACMIN (Pacific Miniatures Inc.), Fullerton, Calif., a 100-employee manufacturer of airplane models and graphic design services, has used Ex-Im Bank multi-buyer export credit insurance since 2005 to successfully sell its products to airlines worldwide: Now 40 percent of PACMIN's annual sales consist of exports. Hochberg visited PACMIN following the forum.
Representatives of three other local small businesses - Valley of the Sun Cosmetics in Gardena; Creative Teaching Press in Huntington Beach; and Ceilings Plus in Los Angeles - told forum attendees of their export successes backed by Ex-Im Bank financing.
Hochberg also described the Bank's new financing products that make it easier for local companies to sell their products and services in global markets:
Supply Chain Guarantee: increases liquidity for small-business suppliers of goods and services to U.S. exporters.
Reinsurance: helps U.S. small-businesses obtain private-sector insurance to cover risks of nonpayment of foreign receivables. Participating private-sector insurers can get reinsurance from Ex-Im Bank.
Solar Express: provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects.
In California during fiscal year 2010, the Ex-Im Bank helped 403 companies export $1.3 billion in goods and services. Of that total, 313 small businesses were helped in exporting $822 million. For the Los Angeles area during the fiscal year, the Bank helped 103 companies export $379.8 million, of which 91 small businesses were helped in exporting $261.8 million. For the Long Beach area, the Bank helped 20 companies export $52 million, of which 17 small businesses were helped in exporting $30 million.
To learn more about Ex-Im Bank financing products, visit our web site at www.exim.gov, or call 949-660-1341, ext. 402, to reach Marianne Hughes in the Bank's Western Regional Office in Orange County.
Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.