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Ex-Im Bank is at the forefront of helping American companies and American workers. With the close of Fiscal Year 2010, the Bank reported a second consecutive record-breaking year, including preliminary results showing $24.5 billion in export financing, which supported $34.4 billion worth of exports and 227,000 American jobs at more than 3,300 U.S. companies. Of these authorizations more than $5 billion was for small businesses. FY 10 highlights include:
These record-breaking levels were directly related to implementation of the Bank's new strategic plan, which focuses on targeted business development to countries with high potential for U.S. export, specific growth industries and streamlines turnaround time in processing transactions. Helping Make the President's National Export Initiative (NEI) Goals a RealityIn October, export results released by the U.S. Department of Commerce were once again encouraging. Exports of U.S. goods and services increased 17.9 percent during the first eight months of 2010, according to data from the Bureau of Economic Analysis of the U.S. Commerce Department. These results put us on track to meet the President's goal of doubling exports in five years. Chairman Hochberg Testifies Before House Financial Services Committee
The Chairman told the committee that, "Throughout the economic crisis Ex-Im has played the crucial role that the American people expect. By expanding its programs and increasing its marketing efforts, the Bank is able to assist more U.S. exporters facing the challenges of this current global environment, as well as reach more potential U.S. small business exporters." For a transcript of the testimony go to Talking commercial diplomacy at American Turkish Council Conference
In his remarks, the Chairman highlighted recent renewable energy deals in Turkey and spoke to how these "transactions are creating American jobs and helping Turkey meet its growing energy and infrastructure needs while reducing its reliance on outside energy producers." The speech also laid out for the audience why Turkey was one of the nine targeted countries where the Bank will be focusing its resources. The Chairman highlighted Turkey's growing GDP, its enormous appetite for infrastructure investment and how Ex-Im's financing can make a real difference in the country. In Fiscal Year 2010, Ex-Im supported export sales in Turkey valued at more than $717 million, an increase of nearly $500 million from the previous year. The total portfolio for Turkey is $2.2 billion. To read the Chairman's remarks go to: http://www.exim.gov/about/leadership/hochberg_20101019.cfm President Obama and his Export Council Unveil Strategic Plan to Double U.S. ExportsOn September 16th, President Obama's Export Council met to discuss initiatives to help American companies sell their goods and services abroad. The initiatives focused on eight priorities: Exports by Small and Medium-Sized Enterprises (SMEs), Federal Export Assistance, Trade Missions, Commercial Advocacy Increasing Export Credit, Macroeconomic Rebalancing, Reducing Barriers to Trade, Export Promotion of Services. For a complete copy of the report go to http://www.whitehouse.gov/sites/default/files/nei_report_091510_extended.pdf Following the meeting, Chairman Hochberg sat down with CNBC's Maria Bartiromo and CNN's Wolf Blitzer to discuss how Ex-Im Bank is working to meet the President's goal — and the significant progress we have made toward that goal. Chairman Hochberg told Bartiromo, "The United States is the largest manufacturing country in the entire world. We make more goods than China, more than Germany. We make the goods we simply have to get out there and start selling." 
To view the interview go to: Don't Be Fooled by Trade DeficitIn an op-ed in the Huffington Post on Sept 16th, Chairman Hochberg argued that simply focusing on monthly trade deficit numbers is a poor roadmap for economic recovery. He writes that, "The trade imbalance won't right itself overnight, but rapidly growing the amount of goods and services that American's export is clearly the best way to reduce the deficit in the long run. By focusing on the progress we've made -- not the gap that remains -- we will energize U.S. businesses and ensure that our companies don't miss foreign export opportunities."
To read the entire Huffington Post piece go to New Products Focus on Small BusinessAs Ex-Im Bank ramps up its small business lending, it is identifying industry gaps and attacking those gaps with innovative new products that will help small businesses access capital during these challenging economic times. Two of these new products are: Supply-Chain Finance - The Bank's new Supply-Chain Finance Guarantee Product will provide competitively priced working capital finance to suppliers of U.S. exporters, particularly small - and medium-sized enterprises. The Bank recently approved the first transaction using this product - a 90 percent guarantee to support up to $100 million of liquidity from Citibank N.A. (Citi) to small and medium-sized suppliers of CNH America LLC, a subsidiary of CNH Global NV (CNH), in Burr Ridge, Ill. This transaction enables Citi to purchase accounts receivable owned by U.S. suppliers and due from CNH. These accounts receivable are related to purchases of goods and services by CNH for its export-related production. 
Small Business Export Credit Reinsurance for Private Insurers - Private-sector insurers that provide short-term, export-credit insurance covering foreign receivables to U.S. exporters will now be eligible for reinsurance from the Bank. The new product primarily will benefit U.S. small-business exporters that have had a more difficult time obtaining short-term export credit since the beginning of the financial crisis. Reinsurance mitigates risks for private insurers and enables them to expand their underwriting capacity for these credits. It also will enable participating insurers to originate and underwrite transactions that otherwise would be outside of their portfolios due to their credit-limit caps on foreign countries and/or buyers perceived to be of higher risk. President Obama Touts Ex-Im Deal with FordAt a Ford Plant in Chicago, President Obama touted the work of Ex-Im Bank and its innovative financing that will help Ford nearly double its workforce at the plant. In July, the Bank approved a $250 million working capital loan guarantee for Ford Motor Company. It was a first of its kind at Ex-Im Bank. The working capital loan, secured by vehicles in transit to Canada and Mexico, will help ensure continued growth of Ford's exports. The loan facility will finance $3.1 billion of export sales for over 200,000 vehicles being sold to buyers in Canada and Mexico. These exports represent 15 percent of Ford's 2009 production and the vehicles will be manufactured in plants located in Chicago, Ill., Dearborn and Wayne, Mich.; Kansas City, MO,.; Louisville, KY.; and Avon Lake, Ohio. 
According to the Chicago Sun-Times, Obama told the crowd in Chicago, "There are workers here who's fathers have worked on this plant, whose fathers' fathers have worked on this plant and over the next two months, this plant will bring on a second shift of 1,200 workers to build that Explorer, nearly doubling your workforce." That is the power Ex-Im Bank has to change lives. |
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Bank Supports 227,000 American Jobs; More than $5 Billion Authorized for Small Businesses
3,532 transactions
