Joins U.S. Small Business Administration to Outline Trade Finance Tools to Assist U.S. Manufacturers Grow their Exporting Business
FOR IMMEDIATE RELEASE November 18, 2020
Office of Communications (202-565-3203)
WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed delivered prerecorded remarks yesterday during a webinar sponsored by the Technology & Manufacturing Association (TMA), highlighting how U.S. manufacturers can utilize EXIM support to expand their exporting opportunities.
During the event, Chairman Reed underscored how U.S. businesses, particularly small businesses, can leverage EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs. She also highlighted EXIM’s COVID-19 relief measures, including expanding the Working Capital Guarantee Program and the Supply Chain Finance Program. She was joined by colleagues from the U.S. Small Business Administration for the webinar, which was part of the 2020 TMA Manufacturers Export Forum.
“We live in a trade-driven global economy with 95 percent of the world’s consumers and two-thirds of all purchasing power located outside the United States. For small businesses with limited resources, exporting can be an opportunity to increase their profitability and financial stability,” said Chairman Reed. “As the economy recovers and reopens despite COVID-19, EXIM can help American businesses return to normalcy and achieve their greatest successes in the months and years ahead.”
Daniel Pische, Senior Vice President of Trade Finance at First American Bank, led the discussion outlining export resources available to manufacturers from EXIM and SBA, with a focus on the changing credit environment and working capital options. Others participating in the event were:
- Michael Fazio, SBA Export Finance Manager, Office of International Trade.
- Michael Howard, EXIM Managing Director of Sales and Marketing — Central Regional Office.
- Eugene Uhm, EXIM Business Development Specialist.
“International trade continues to become increasingly important for manufacturers across the country. Given the challenges of the current environment, it is incumbent on manufacturers to understand the various export programs available so that they can find the correct solution for their business. We are proud to partner with our colleagues at the TMA, SBA, and EXIM to help organize this forum,” said Daniel Pische, Senior Vice President of Trade Finance at First American Bank.
The speakers outlined opportunities to support small businesses with EXIM’s export financing that can enable them to increase current sales or expand into new markets. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales and offer credit terms to foreign buyers, and access working capital loan guarantees. They also underscored EXIM’s COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
Representing close to 1,000 manufacturers and over 30,000 manufacturing employees, the Technology & Manufacturing Association is a comprehensive resource for Midwest manufacturers looking to improve operations, strengthen their workforce, and grow their businesses. As a leading voice in an evolving industry, TMA cultivates and strengthens its members by providing programs and services in order to thrive as individuals, companies, and a business community.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.