Representatives from Government Agencies and Business Leaders Provided Upstate New York Small Businesses with Tips on how to Receive Export Financing
FOR IMMEDIATE RELEASE March 8, 2012
Adrian Gianforti (202-565-3200)
Rochester, New York - Today more than 100 local business owners attended a forum on resources and programs available to help local companies succeed in international transactions. The Export-Import Bank of the United States (Ex-Im Bank) President and Chairman Fed P. Hochberg presented the keynote address and discussed new funding that has recently become accessible for small and medium sized businesses as part of the National Export Initiative (NEI). Congresswoman Louise Slaughter delivered the event's opening remarks.
Organization of the event was coordinated by the International Business Council (IBC) of Greater Rochester. During the event, industry and government experts gave step-by-step instructions and tips on how small business owners can boost sales and maintain jobs by increasing their export opportunities.
New York's export growth rate is at 18.79%, well above the national average at 15.6%. Rochester small businesses should be aware of the enormous opportunities that exist today in the international marketplace, said Chairman Hochberg, chairman and president of Ex-Im Bank. Ex-Im Bank provides the financing tools and resources required by small business to expand sales overseas and improve their bottom line.”
I am so pleased to host the Export-Import Bank and our other partners to ensure local businesses have the resources they need to start selling their goods and services around the world. Exporting the world-class products we make here in Rochester brings needed resources to our community and supports good paying jobs in our region,” said Congresswoman Slaughter. “That's why I've been a leading advocate for American businesses by ensuring that we are able to compete on a level playing field with our international competitors. Rochester based companies like Gleason Corp. represent a wonderful success story - they are exporting to countries like China and as a result, they are hiring right here in the United States.
The Rochester metro area is a top per capita exporting region, however, only 1% of eligible companies are actively trading internationally,” stated Laurie DeRoller, moderator of the panels and Executive Director of IBC. “The programs & resources featured at the Global Access forum eliminate barriers for companies to export, and are key to meeting the National Export Initiative goal of doubling exports.
New York is one of the leading states in the country for Ex-Im small business financing. In Fiscal Year 2011 (FY'11) figures, more than $124 million in export credit was authorized to support sales by New York small businesses. New York ranked as number five in the top leading states in small business financing.
During the event, attendees heard from representatives from Stone Construction and Ultrafab, both New York small businesses that have successfully boosted their export sales. Attendees also had the opportunity to engage in one-on-one consultations with representatives from Ex-Im Bank, the U.S. Small Business Administration and the U.S. Department of Commerce.
Small business owners who missed the Global Access forum can still learn how Ex-Im Bank can enable them to generate new export sales by contacting the Bank by calling toll-free to 1-800-565-EXIM (3946). Ex-Im Bank offers information specifically designed to assist small business exporters secure export financing on its website.
Global Access is supported by a wide variety of business and financial and government partners, including the U.S. Chamber of Commerce, the National Association of Manufacturers (NAM) and the Bank's 60-plus city/state partners located throughout the U.S. Since launching in January 2011, Ex-Im Bank has held more than 30 other Global Access forums around the country.
ABOUT EX-IM BANK
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. Persons interested in applying for positions in Ex-Im Bank regional offices can go the careers section at Exim.gov. For more information, visit www.exim.gov.