Ex-Im Bank Chairman Hochberg Tells Southern California Companies: 'We Can Help You Grow Sales By Exporting'

Oct 28, 2010, 17:07 ET from Export-Import Bank of the United States

WASHINGTON, Oct. 28 /PRNewswire-USNewswire/ -- Southern California small businesses can grow profits and jobs by exporting, with the help of innovative financing products from the Export-Import Bank of the United States (Ex-Im Bank), Ex-Im Bank Chairman and President Fred P. Hochberg said today.

"We want to help more Long Beach-area companies successfully compete for sales to foreign buyers," Hochberg said at the Small Business Exporter Forum at the Port of Long Beach.  "Ninety-five percent of the world's customers live outside of the U.S., but only 1% of U.S. businesses are exporting.  This is an opportunity companies can't afford to miss, and we're here to make it easier."

Hochberg noted that PACMIN (Pacific Miniatures Inc.), Fullerton, Calif., a 100-employee manufacturer of airplane models and graphic design services, has used Ex-Im Bank multi-buyer export credit insurance since 2005 to successfully sell its products to airlines worldwide: "Now 40 percent of PACMIN's annual sales consist of exports." Hochberg visited PACMIN following the forum.

Representatives of three other local small businesses -- Valley of the Sun Cosmetics in Gardena;  Creative Teaching Press in Huntington Beach;  and Ceilings Plus in Los Angeles – told forum attendees of their export successes backed by Ex-Im Bank financing.

Hochberg also described the Bank's new financing products that make it easier for local companies to sell their products and services in global markets:

Supply Chain Guarantee: increases liquidity for small-business suppliers of goods and services to U.S. exporters.  

Reinsurance:  helps U.S. small-businesses obtain private-sector insurance to cover risks of nonpayment of foreign receivables.  Participating private-sector insurers can get reinsurance from Ex-Im Bank.

Solar Express:  provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects.

In California during fiscal year 2010, the Ex-Im Bank helped 403 companies export $1.3 billion in goods and services.  Of that total, 313 small businesses were helped in exporting $822 million. For the Los Angeles area during the fiscal year, the Bank helped 103 companies export $379.8 million, of which 91 small businesses were helped in exporting $261.8 million.  For the Long Beach area, the Bank helped 20 companies export $52 million, of which 17 small businesses were helped in exporting $30 million.

To learn more about Ex-Im Bank financing products, visit our web site at www.exim.gov, or call 949-660-1341, ext. 402, to reach Marianne Hughes in the Bank's Western Regional Office in Orange County.

Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.  

SOURCE Export-Import Bank of the United States



RELATED LINKS

http://www.exim.gov