FOR IMMEDIATE RELEASE April 4, 2010
Stephanie M. O'Keefe, Senior Vice President, Communications - Phil Cogan, Vice President, Public Affairs (202) 565-3200
WASHINGTON, DC - The Export-Import Bank of the United States (Ex-Im Bank) announces that it will work together with Google to help American small and mid-sized businesses harness the power of the Internet to initiate or expand sales outside of the United States. Google's tools empower businesses to reach new customers all over the world. By using the Internet effectively, even small businesses can create a global presence.
Ex-Im Bank Chairman and President Fred P. Hochberg said, I am excited that Google has agreed to work with us to help other U.S. companies reach new international markets. Working together with Google helps us achieve President Obama's goal of doubling U.S. exports within the next five years and at the same time putting more Americans to work producing them, Hochberg said.
Google will participate with Ex-Im Bank and other federal agencies in the Bank's Exports Live! workshop series around the country. Since August 2009, Exports Live! has delivered valuable information to small and mid-sized businesses on how to identify new markets and customers for U.S. products and services, and obtain government assistance and financing to turn sales leads into actual sales.
Stuart Small, Head of Acquisitions, US, Google, adds, There are now more than 1.2 billion people online worldwide, and many of these users are ready and able to buy and research online. There are a lot of potential worldwide customers available for small and mid-sized businesses. Google can offer practical insight to help potential exporters understand target markets and quickly and easily get started. The Internet is helping reduce barriers particularly in e-commerce.
Ex-Im Bank and seven partnering agencies have hosted about 1,800 small and mid-sized businesses, brokers and lenders at Exports Live! seminars in 11 cities around the United States. The next scheduled Exports Live! event will be in Chicago on April 5.
Ex-Im Bank, an independent, self-sustaining federal government agency, exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs. 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 fiscal 2009, overall Ex-Im Bank financings came to $21 billion, while authorizations for small business exports totaled $4.36 billion, both historic highs. In the first four months of fiscal 2010, the Bank authorized a record $10.9 billion in loans, guarantees and insurance - more than three times the amount authorized in the same period in fiscal 2009.
More information about Ex-Im Bank and Exports Live! may be found on the Ex-Im Bank web site (www.exim.gov).