In a recent letter to Members of Greater Philadelphia’s congressional delegation, the Chamber issued its support for reauthorization of the Export-Import Bank of the United States (Ex-Im).
Ex-Im has supported $4 billion of export sales in our region since 2007. It provides direct loans, loan guarantees, and insurance against losses to exporters and their overseas customers when private-sector lenders are either unable or unwilling to provide financing. Ex-Im is self-sustaining, reduces the federal deficit, and utilizes no federal funds all while maintaining an extremely low default rate on loans. Most of the Bank’s transactions are with small and medium-sized companies. When Ex-Im financing supports larger companies, much of the benefit makes its way to small subcontractors or diverse suppliers such as minority, women, and veteran-owned businesses.
If Congress does not reauthorize Ex-Im by September 30, domestic manufacturers and suppliers will be put at a serious competitive disadvantage as other nation’s continue to setup export credit agency equivalents.
For a copy of our letter to Members of our regional congressional delegation, please click here.