Majority of Small Business Customers Say Ex-Im Bank Support Led to Expanded Export Business
FOR IMMEDIATE RELEASE May 19, 2014
Steve Horning 202-565-3200
WASHINGTON, D.C. - Today, Export-Import Bank of the United States (Ex-Im Bank) released the results of a new survey of more than 2,100 small business customers.The study found that Ex-Im Bank has played a role in their export success, and even greater numbers say their exports have grown during the past five years.The survey results also found that 95 percent of small business customers would recommend Ex-Im Bank to another exporter, while 86 percent reported they were satisfied or extremely satisfied with their overall Ex-Im Bank experience.The results indicate that Ex-Im Bank is delivering on its mission to promote U.S. job growth by facilitating exports, specifically for U.S. small businesses, while also improving the ease of doing business.
Maximizing customer engagement and providing outstanding service are guiding principles at Ex-Im Bank, said Chairman and President Fred P. Hochberg.We listened to our small business customers and started streamlining our processes to save them time and effort.These survey results demonstrate that the improvements underway are having an impact, allowing more small businesses to export to new markets, which can lead to new jobs here at home.
Sixty-five percent of survey respondents reported that their companies' revenue from exports had increased over the past five years.Nearly the same number - 64 percent - said that Ex-Im Bank had helped to expand their exports.About 55 percent agreed or strongly agreed that without Ex-Im Bank, they would not have accessed as many export opportunities.In comments volunteered by individual survey respondents, one small business exporter noted that Ex-Im took the fear out of exporting, with another saying, if we did not have Ex-Im, we would not export.
Forty percent of respondents agreed or strongly agreed that Ex-Im Bank financing had a positive impact on direct employment.When surveyed on the ease of doing business, about half of the respondents felt the level of effort required to complete transactions with Ex-Im Bank was as much as they expected, and 38 percent felt it was less or far less than they expected.
The survey solicited and assessed customer feedback on Ex-Im's products and services, and results were classified in the context of the customers' type of business, exports, and employment base. Researchers focused on small business exporters who recently experienced working with the Bank's trade credit insurance products such as Express Insurance.Export insurance is designed for exporters and lenders to remove fear of nonpayment by foreign buyers.Most survey respondents identified themselves as a chief executive or financial manager.
The survey was led by Ex-Im Bank's customer experience office and administered by NOVA Research Company.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. 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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions-- or 89 percent--for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.