what’s working
Not surprisingly, many people haven’t heard of the Ex-Im
Bank. But, it is similar to the 59 export credit agencies around
the globe that provide financing and insurance tools to support
their countries’ manufacturers and service providers, creating
a competitive edge.
“If Congress fails to reauthorize the bank’s services it could
give a competitive advantage to businesses in other countries
that have access to similar government-backed products and
impact American jobs created through robust exports,” said Dan
Roberts, president of Manhasset Specialty Company in Yakima.
said. “Because of this insurance, our bank allows us to export
larger volumes of mint oil. In fact, since we began using the
Ex-Im Bank in 2009, we have significantly increased our export
business as a total percentage of operations.”
Like many other employers in Washington state, Cochran
said, her company cannot afford to lose the additional export
business should Congress let the bank’s charter expire.
“The power of the Ex-Im Bank is that it allows smaller
businesses, in particular, to leverage their raw materials and
inventory as a means to increase borrowing capacity that
allows them to expand into the international marketplace,” Rasmussen said.
Manhasset Specialty Company is a national leader
in supplying music stands to schools, bands, and
orchestras. The business has gradually expanded its
reach to overseas clients, thanks to Ex-Im Bank services.
“We’ve used the bank’s services for 12 years and it
has been extremely helpful in growing our international
sales,” Roberts said. In fact, he added, his company has
increased exports from 5 percent of the business to one-