FOR IMMEDIATE RELEASE February 28, 2000
Nancy Publicover, Ex-Im Bank (202) 565-3200 or firstname.lastname@example.org Rachel Girt, Wyoming Business Council (307) 777-2834
CHEYENNE - Wyoming exporters will be more competitive, reach new markets, and increase their international sales with the help of a new City/State partnership launched by the Export Import Bank of the United States (Ex-Im Bank) and the State of Wyoming, under the auspices of the Wyoming Business Council, the Mid-America Manufacturing Technology Center and the Wyoming Small Business Development Center.
Today's global economy offers unprecedented opportunities for U.S. exporters, said Ex-Im Bank Vice Chair and Chief Operating Officer Jackie Clegg, who announced the program in Cheyenne with Governor Jim Geringer and Ex-Im Bank board member Dan Renberg. Exports account for 30 percent of the sustained growth that the U.S. has enjoyed over the past eight years - we want Wyoming businesses to share in this prosperity.
The agreement sets up a small start for a big opportunity for Wyoming businesses, said Wyoming Gov. Jim Geringer. With the Export-Import Bank agreement, Wyoming businesses will be able to have their operating costs financed, have their transaction insured, their contracts formalized and the payment made from any where in the world. Businesses will be able to work with their local bank and an international partner. That's leverage in a competitive world, leverage that spells success.
The city/state partnership agreement between Ex-Im Bank and the State of Wyoming gives an edge to Wyoming businesses who choose to increase their customer base through export market development, said Bill Bunce, director of Agri-Business Division of the Wyoming Business Council.
Ex-Im Bank is a U.S. government agency offering export credit insurance, working capital loan guarantees, loan guarantees, and direct loans to finance the export of U.S. goods and services to developing markets. Ex-Im Bank's products remove the financial risks of exporting- risks that can make it harder for many exporters to successfully compete in foreign markets.
With Ex-Im Bank's backing, U.S. exporters can secure affordable financing from private sector lenders and offer their overseas buyers payment terms comparable to their foreign competitors' offers.
The Wyoming Business Council, the Mid-America Manufacturing Technology Center and the Wyoming Small Business Development Center will work with exporters statewide to assess their financing needs, guide them through Ex-Im Bank's application process and introduce them to private and public financing resources.
In fiscal year 1999, Ex-Im Bank financed nearly $17 billion in U.S.-produced exports worldwide. Over 80 percent of transactions approved by Ex-Im Bank benefit small businesses.