FOR IMMEDIATE RELEASE September 24, 2019
Jane Lemons (202) 565-3203
Washington, D.C. – The Export-Import Bank of the United States (EXIM) provides financial tools to help U.S. veterans who have served their country grow their businesses through the export of “Made in the USA” goods and services.
As the men and women who have defended the nation continue their service to the nation by creating American jobs and boosting the U.S. economy, EXIM’s financial resources can help veterans compete effectively in the global marketplace and increase sales of American-made products. Since 2014, EXIM has authorized more than $148 million in support of veteran-owned businesses.
“The Export-Import Bank of the United States is an important tool in helping our manufacturers and small businesses grow through exporting products to international markets. We take particular pride in being able to support the veterans who have served our country and continue to do so by creating high-quality American jobs,” said President and Chairman Kimberly A. Reed. “The Export-Import Bank of the United States helps level the playing field for American businesses, and with a level playing field, our veteran-owned businesses can compete with anyone around the globe.”
EXIM’s Office of Minority and Women-Owned Businesses (MWOB) works closely with other government agencies and business development associations to educate businesses operated by veterans about EXIM financing and helps create opportunities for export-ready U.S. businesses. Those outreach efforts include webinars, seminars, conferences, and other events.
The MWOB office also collaborates with veterans’ organizations, including the National Veteran Business Development Council (NVBDC), the Elite Service-Disabled Veteran-Owned Business (SDVOB) Network, the National Veteran Small Business Coalition (NVSBC), the National Veteran Institute for Procurement (VIP), and the Department of Commerce’s VetsGoGlobal Team.
EXIM provides a portfolio of small business solutions that can empower businesses started by veterans to begin or expand their exporting sales. Those tools include export credit insurance to minimize nonpayment risk and improve cash flow, working capital guarantees to provide credit lines for producing goods and services, and term financing to support international buyers in purchasing American capital goods and services.
Army veteran Ross Johnson has used those EXIM tools to expand a business that grew from his military experience. During three tours as a Special Forces medic in Afghanistan, he learned firsthand what was needed to save lives in an emergency situation. So he developed his own tourniquets, starting with a sewing machine at his parents’ home while still on active duty.
Johnson’s efforts led to Tactical Medical Solutions (TacMed), the Anderson, S.C., company he founded that has become a leading global developer and manufacturer of medical gear used on battlefields and in other lifesaving applications worldwide. To expand into new international markets, TacMed uses EXIM’s export credit insurance, which allows the company to offer favorable payment terms to its foreign customers. According to Johnson, the result has been increased sales and additional jobs.
“We are providing jobs for a full range of people, and EXIM is allowing us to make that happen,” Johnson said. “We were probably at 50 countries before we used EXIM, and we’re currently at 77. EXIM has allowed us to push into other markets and go into places where we would have been less comfortable doing business before or just weren’t competitive.”
“EXIM is honored to work with companies like TacMed,” said former Congressman, veteran, and a proud member of the American Legion Spencer Bachus III, member of the EXIM Board of Directors and EXIM small business designee. “Their story is inspiring, and their efforts touch the lives of people around the world.”
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. 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, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.