FOR IMMEDIATE RELEASE April, 08, 2016
Lawton King (202-565-3200)
Washington, D.C. – Today at its Annual Conference, the Export-Import Bank of the U.S. (EXIM) recognized one American exporter that, with EXIM’s help, finalized a transaction recognized as the “Deal of the Year.” The Bank also recognized three state-level organizations for their efforts to educate businesses on how EXIM can help employers of all sizes, particularly small- and medium-sized businesses, boost U.S. exports abroad and support American jobs.
Deal of the Year Award: Acrow Bridge
Acrow Bridge is a leading manufacturer and supplier of modular steel bridge systems. Founded in 1951, Acrow built bridges for rapid rehabilitation projects following World War II. Today the company has built bridges in over 80 countries, with more than 1,500 Acrow bridges installed in developing countries since 2007.
With an EXIM-guaranteed $50 million loan extended by Société Générale to Cameroon's Ministry of Public Works, Acrow shipped 55 American-made bridge sets to Cameroon, and in doing so supported an estimated 200 U.S. jobs in Parsippany, New Jersey; Milton, Pennsylvania; and New Castle, Delaware.
The modular steel bridges, which were prefabricated in the U.S., will contribute to the development of regional trade through the repair and modernization of Cameroon's rural infrastructure networks.
State-backed European and Chinese companies also competed for the project. But, backed by competitive financing from EXIM Bank, Acrow won the contract.
Chairman’s Award: Association of Washington Business (AWB)
Founded in 1904, the Association of Washington Business is the oldest and largest business association in Washington state, representing nearly 8,000 small, medium and large employers. The association serves as the state’s chamber of commerce and manufacturing association.
Washington is one of the most trade-dependent states in the nation. Since FY 2007, EXIM has authorized approximately $66 billion to support $144 billion in Washington exports.
As such, AWB understands the importance of EXIM for employers of all sizes, and works to educate its member businesses and local economies on the role that EXIM can play in expanding exports.
Chairman’s Award: Texas Association of Business (TAB)
Founded in 1922 by two San Antonio businessmen and merging with the Texas Chamber of Commerce in 1995, the Texas Association of Business relies upon its more than 4,000 members to boost the economy and stimulate job growth in Texas.
TAB has worked to increase awareness about the Bank's mission to businesses across the state and educate them on how EXIM can help expand Texas exports.
Texas ranks as the nation’s leading exporter, accounting for nearly 18 percent of national exports. In fact, EXIM has authorized approximately $29 billion to support an estimated $33 billion in Texas exports since FY 2007.
Chairman’s Award: Texas Association of Manufacturers (TAM)
More than 500 small and large companies from all across the state are members of the Texas Association of Manufacturers. TAM works to educate and empower Texas industry leaders, consumers, and the media with timely perspectives on issues and concerns that impact their industries and their members’ capacity to create jobs, and invest in Texas to keep the state prosperous. And as part of that advocacy, TAM educates its membership on the various financing tools available from EXIM designed to help U.S. manufacturers’ export.
The EXIM Annual Conference Roundup can be viewed on EXIM’s website: //www.exim.gov/events/annual-conferences/2016/conference-roundup
ABOUT EXIM BANK:
EXIM is an independent federal agency that supports 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 and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost ninety percent of its transactions directly serve American small businesses.
In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These authorizations supported an estimated $17 billion in U.S. export sales, as well as approximately 109,000 American jobs in communities across the country.
Small business exporters can learn about how EXIM products can empower them to increase foreign sales by clicking here. For more information about EXIM, visit www.exim.gov.