WASHINGTON, June 21, 2013 /PRNewswire-USNewswire/ -- In honor of National Small Business Week, the Export-Import Bank of the U.S. (Ex-Im Bank) announced today that the Triangle Brass Manufacturing Company (Trimco) is the 2,500th new small business to benefit from Ex-Im Bank products since President Obama announced the National Export Initiative Jan. 27, 2010. Trimco is a minority-owned, Los Angeles-based business.
The company recently purchased a short-term, export-credit insurance policy after learning of Ex-Im Bank from the American Business Bank. Trimco currently employs 75 people at its Los Angeles location.
"It is fitting for us at Ex-Im to mark the 50th anniversary of Small Business Week with great news that gets to the heart of what we are about here — supporting U.S. jobs by promoting U.S. exports," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We set an ambitious goal of helping 5,000 U.S. small businesses support their jobs here at home by reaching 95 percent of the world's consumers abroad. And thanks to the hard work and innovation of American companies like Trimco, we're half-way there."
Founded in 1959, Trimco exports brass, bronze, aluminum, and stainless-steel architectural door hardware for use in public buildings. Annual sales total $10 million, five percent of which are export-related.
"Our company has benefited from Ex-Im Bank, so we can now ship large orders overseas with confidence," said Martin S. Simon, president of Trimco. "We are proud to be the 2,500th small business to partner with Ex-Im Bank since the inauguration of the National Export Initiative."
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States