Washington (PRESS RELEASE – October 30, 2010) – Southern California small businesses can grow profits and jobs by exporting, with the help of innovative financing products from the Export-Import Bank of the United States (Ex-Im Bank), Ex-Im Bank Chairman and President Fred P. Hochberg said.
“We want to help more Long Beach-area companies successfully compete for sales to foreign buyers,” Hochberg said at the Small Business Exporter Forum at the Port of Long Beach. “Ninety-five percent of the world’s customers live outside of the U.S., but only 1% of U.S. businesses are exporting. This is an opportunity companies can’t afford to miss, and we’re here to make it easier.”
Hochberg noted that PACMIN (Pacific Miniatures Inc.), Fullerton, Calif., a 100-employee manufacturer of airplane models and graphic design services, has used Ex-Im Bank multi-buyer export credit insurance since 2005 to successfully sell its products to airlines worldwide: “Now 40 percent of PACMIN’s annual sales consist of exports.” Hochberg visited PACMIN following the forum.
Representatives of three other local small businesses — Valley of the Sun Cosmetics in Gardena; Creative Teaching Press in Huntington Beach; and Ceilings Plus in Los Angeles – told forum attendees of their export successes backed by Ex-Im Bank financing.
Hochberg also described the Bank’s new financing products that make it easier for local companies to sell their products and services in global markets:
- Supply Chain Guarantee: increases liquidity for small-business suppliers of goods and services to U.S. exporters.
- Reinsurance: helps U.S. small-businesses obtain private-sector insurance to cover risks of nonpayment of foreign receivables. Participating private-sector insurers can get reinsurance from Ex-Im Bank.
- Solar Express: provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects.
In California during fiscal year 2010, the Ex-Im Bank helped 403 companies export $1.3 billion in goods and services. Of that total, 313 small businesses were helped in exporting $822 million. For the Los Angeles area during the fiscal year, the Bank helped 103 companies export $379.8 million, of which 91 small businesses were helped in exporting $261.8 million. For the Long Beach area, the Bank helped 20 companies export $52 million, of which 17 small businesses were helped in exporting $30 million.
About Ex-Im Bank
Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.