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RENBERG IN SACRAMENTO TO PROMOTE EXPORT-IMPORT BANK SMALL BUSINESS PROGRAMS

Ex-Im Bank Director's Tour of Fayus Enterprises Highlights Ex-Im Bank Programs that Help Local Companies Compete in Emerging Foreign Markets while Sustaining U.S. Jobs

FOR IMMEDIATE RELEASE March 10, 2002

Media Contact Name/Phone: 

Michael Suydam, (202) 565-3200

Dan Renberg, a member of the Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank), today toured Fayus Enterprises during a visit to Sacramento, CA.

Fayus Enterprises is owned and was founded in 1989 by Fatai Yusufu, a Nigerian immigrant who arrived in the U.S. twelve years earlier. The eight-employee Sacramento company exports a flour indigenous to Africa called fufu, primarily to Nigeria.

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Renberg (right) with Fayus owner Fatai
Yusufu, holding African flour fufu

There is a fantastic opportunity for U.S. small businesses exporting to sub-Saharan Africa, given the region's sizeable and growing population, said Renberg. We stand ready to help companies like Fayus successfully compete in these emerging markets.

Ex-Im Bank small business export credit insurance protects Fayus against default by foreign buyers in a region many commercial insurers find too risky.

Ex-Im Bank (www.exim.gov) is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world by providing loans, guarantees and insurance. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide. In the past five years, Ex-Im Bank has helped 632 California companies export more than $7.3 billion in goods and services, sustaining tens of thousands of jobs.

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Renberg (left) explaining how Ex-Im Bank small
business programs help small business owners like Yusufu (right)