Washington Business Spring 2015 | Page 24

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-