WASHINGTON, May 9, 2012 /PRNewswire-USNewswire/ -- Today, the House is set to vote on a compromise deal negotiated by Majority Leader Eric Cantor (R-Va.) and Minority Whip Steny Hoyer (D-Md.) to reauthorize the U.S. Export-Import (Ex-Im) Bank. The compromise provides a path forward on Ex-Im Bank which will offer gradual increases to the exposure cap starting at $120 billion in 2012 and topping out at $140 billion in 2014, provided certain default requirements are met. The three-year authorization also includes increased transparency and reporting on the part of Ex-Im Bank on myriad topics, including the Bank's small-business services.
"I am pleased to see House leadership—Democrats and Republicans—finally come to the table to hammer out a compromise on Ex-Im Bank," stated NSBA President and CEO Todd McCracken. "For many small businesses, Ex-Im Bank isn't just a lender of last resort—it's the lender of only resort."
NSBA and its international trade arm—the Small Business Exporters Association (SBEA)—has been an outspoken advocate for a long-term reauthorization and increased exposure cap for Ex-Im Bank. The Bank provides much-needed financing and credit insurance to small businesses and has been expanding and improving its small-business programs. For FY 2011, Ex-Im Bank set a record in its support of small business at $6 billion—an increase of more than 20 percent since 2010, and the new compromise language includes specific language to continue enhancing small-business exporting.
"The ongoing turmoil over Ex-Im Bank has caused great instability for small exporters and is negatively impacting our ability to grow or even maintain international business," stated David Ickert, past chair of SBEA and VP of Finance for Air Tractor in Olney, Texas. "It is high time we get back to doing what we do best—creating jobs, not recalibrating business plans due to political posturing."
It is of great importance that Ex-Im Bank continues to operate without the ongoing threat of funds drying up—this compromise is an important step forward. NSBA and SBEA will continue to push for a thriving and appropriately-funded Ex-Im Bank, and urge Congress to approve this compromise without delay.
Celebrating its 75th Anniversary in 2012, NSBA continues to advocate on behalf of America's entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses across the country and is proud to be the nation's first small-business advocacy organization. For more information, please visit www.nsba.biz.
SOURCE National Small Business Association