FOR IMMEDIATE RELEASE May 19, 2011
Linda Formella, 202-565-3200
SAN LEANDRO, CALIF.-Representatives of nearly 100 small businesses in the San Francisco Bay Area participated in the Global Access for Small Business forum sponsored by the Export-Import Bank of the United States (Ex-Im Bank) today in San Leandro, Calif. The event was hosted by the City of San Leandro.
Ex-Im Bank Board Member Diane Farrell encouraged San Leandro and other Bay Area small businesses to use the resources of the federal government to begin or expand exporting to maintain and create jobs. She highlighted Ex-Im Bank's export-finance products specifically designed to help small businesses access credit and cover the risks of international markets.
Global Access is a model for how government and the private sector can come together to support American business, stimulate job creation and strengthen long-term economic growth through exports, said Farrell.
The East Bay has some of the most highly skilled workers and innovative entrepreneurs in the country. I am pleased that we are able to collaborate today and going forward in order to create new opportunities for these businesses and workers. I'd like to thank Diane Farrell of the Export-Import Bank and Mayor Stephen Cassidy of San Leandro for their work to educate our businesses and to facilitate growth in the East Bay, said Rep. Pete Stark (D-CA), who represents California's 13th congressional district that includes San Leandro.
Department of Commerce Deputy Assistant Secretary for Domestic Operations Ro Khanna also spoke about services available at its 109 Export Assistance Centers nationwide.
Bay Area small businesses can learn more about Ex-Im Bank's products by contacting the Bank's Northern California branch office in San Francisco at 415-705-2285.
Yesterday, Ex-Im Bank announced that more than 1,700 small-business transactions totaling more than $2.4 billion have been authorized to date in fiscal year 2011. More than 900 small businesses have become first-time users of the Bank's products since fiscal year 2010.
Global Access for Small Business is Ex-Im Bank's initiative to help more than 5,000 small companies across the United States grow through exporting more 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 2014.
By the end of 2014, Ex-Im Bank aims to reach $9 billion in annual small-business export financing and approve at least $30 billion in small-business transactions.
About Ex-Im Bank:
Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
In the first half of fiscal year 2011, Ex-Im Bank approved $13.4 billion in total financing authorizations, supporting nearly $15.9 billion in U.S. export sales. These sales will support more than 115,000 American jobs in communities across the country. This six-month authorization figure is the highest in the Bank's history.
In fiscal year 2010, Ex-Im Bank authorized a record high of approximately $24.5 billion in loans, guarantees and insurance (including more than $5 billion in authorizations for small businesses), supporting an estimated 230,000 American jobs.
For more information, see Ex-Im Bank's Web site at www.exim.gov.