FOR IMMEDIATE RELEASE April 20, 2011
Jamie Radice (202-565-3200)
West Long Branch, New Jersey - Today, the Export-Import Bank of the United States (Ex-Im Bank) and Congressman Rush D. Holt (NJ-12) cosponsored a Global Access for Small Business forum at Monmouth College. More than 80 representatives from New Jersey small businesses participated in the forum to learn how to export more goods and services.
The event was sponsored by Ex-Im Bank, Congressman Rush D. Holt, Monmouth University's Leon Hess Business School, and the U.S. Department of Commerce Trenton Export Assistance Center.
With 95% of the world's customers outside the United States, it is critical that we provide small business owners with the resources they need to successfully compete in the global marketplace, said Ex-Im Bank Chairman and President Fred P. Hochberg. Increasing American exports is vital to our economic recovery, and I will continue to host forums across the country that highlight the benefits of exporting.
Last year, New Jersey businesses exported $32 billion in goods, up 18 percent from 2009. Facilitating trade between U.S. companies and buyers in new markets abroad is an essential component for long-term economic growth. However, until recently the Ex-Im Bank has maintained a low profile, said Congressman Holt. Under Chairman Hochberg's leadership, the Bank has boosted financing of trades to record levels, especially for small-and medium-sized businesses. He is one of the leaders in President Obama's goal to double U.S. exports in the next five years, and I am pleased that he was able to share his vision and expertise with us today.
In his presentation, Chairman Hochberg gave an overview of Ex-Im Bank's new initiative, Global Access for Small Business, aimed at increasing the number of small businesses across the United States who export goods and services produced by U.S. workers. It is an integral part of President Obama's National Export Initiative (NEI) mission being led by the Commerce Department to double U.S. exports by 2015.
Global Access is supported by a wide variety of business and financial and government partners, including the U.S. Chamber of Commerce, the National Association of Manufacturers (NAM), and the Bank's 60-plus City/State Partners located throughout the U.S. This year, Ex-Im Bank is planning to hold more than 20 Global Access forums around the country. For more information, please see Global Access for Small Business on the Bank's home page at www.exim.gov.
Panel discussions at today's event featured success stories by local small-business owners and presentations by regional representatives of federal agencies, including Ex-Im Bank and the Department of Commerce. Attendees also received one-on-one trade counseling. Among the local businesses highlighted were:
- Gaffney-Kroese, a provider of industrial equipment machinery instruments headquartered in Piscataway. The company has received $25 million in working capital support from Ex-Im Bank, which has enabled them to export nearly $115 million in products to India, Peru, and Italy.Gaffney-Kroese supports 160 American jobs.
- Hoffman International, headquartered in Piscataway, is a full service dealer of new and used heavy lifting and construction equipment. The company has worked with Ex-Im since 1992 and is exporting in 80 countries.
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. The Bank provides a variety of financing mechanisms, including working capital loan guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank is self-sustaining and is able to cover all operating costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past five years.
Ex-Im Bank also reported it authorized $10.8 billion for the first five months of fiscal year 2011 (Oct. 2010 through Feb. 2011), supporting $13 billion in U.S. exports and approximately 93,000 American jobs. The Bank's support of U.S. small business exports also grew to $1.7 billion, compared with $1.5 billion for the same five-month period a year ago.