Statement by Ex-Im Bank Chairman and President Fred P. Hochberg on Small Business Week
"In recognition of National Small Business Week, the Export-Import Bank of the United States is celebrating the role of U.S. small business exporters in contributing to our nation's economic recovery. Whether they are selling manufactured parts for the automotive industry to Australia or grain silos to Turkey, American small businesses are competing for and winning sales overseas against aggressive foreign competition. With 95% of the world's customers located overseas, it is vital that we provide these companies the tools they need to successfully compete in the global marketplace.
We cannot grow our economy without growing our export sales. And we cannot grow export sales without small businesses. Small businesses are the backbone of our economy - they are responsible for the majority of our country's job creation, and they must succeed.
Ex-Im Bank is contributing to growing export sales. Last year the Bank set export finance records for the third straight year and supported 290,000 American jobs. Our small business export financing reached over $6 billion - up 90% since 2008. More than 85% of all Ex-Im Bank transactions in fiscal year 2011 were for small businesses. Ex-Im is on track to meet the growing demand for export financing this year as well, with $2.4 billion in small business transactions accounting for more than 22% of the Bank's overall authorizations. Over $400 million of this financing supports minority- and woman- owned businesses and we have added over 300 small business customers to our portfolio.
It is critical that the federal government and its public and private sector partners continue to provide resources for small business to succeed in the global marketplace. President Obama recognized the importance of small businesses when he elevated the Small Business Administration (SBA) to the cabinet level. Administrator Karen Mills is effectively equipping American entrepreneurs and small and medium-size enterprises with the necessary tools to strengthen their operations, grow sales, and create more middle class jobs.
Ex-Im Bank understands that the demands of small business are different than those of large enterprises. That is why the Bank offers tailored financing and insurance products that support small businesses in their efforts to reach and sell to more customers around the world. With small business export sales growth, we will be able to improve our economy and create good middle-class jobs in communities across the country."