WASHINGTON, Nov. 7, 2014 /PRNewswire-USNewswire/ -- Today in Los Angeles, Export-Import Bank Chairman Fred P. Hochberg announced that Ex-Im Bank supported over $2 billion in minority- and women-owned business exports in fiscal year 2014 by providing financing and insurance totaling approximately $750 million over the same time period.
Since 2009, Ex-Im has authorized more loans to help grow minority- and women-owned businesses than it did over the previous two administrations combined.
"Here at Ex-Im, we're proud of the progress we've made to support businesses in California and across the country, equipping them with the tools they need to succeed on the global stage," said Hochberg. "Because when we do that, we're building stronger, more successful communities here at home."
These numbers reflect Ex-Im Bank's commitment to minority- and women-owned businesses like Valley of the Sun Cosmetics, a small business based in Gardena, Calif., that has relied upon Export-Import Bank financing to expand its export reach and create jobs.
Before purchasing an Ex-Im Bank export credit insurance policy, Valley of the Sun exported only to a few countries, employed three people, and recorded annual sales of less than $500,000. The company now exports to more than 80 countries worldwide, employs over 30 people, and boasts sales of $5 million, 100 percent of which is export-related.
"The increased sales and remarkable job growth enjoyed by California small businesses like Valley of the Sun reflect Ex-Im Bank's commitment to boosting exports and supporting jobs," Hochberg added. "Last year alone, Ex-Im Bank supported $4.9 billion in California small-business exports, which accounts for 26 percent of the state's total exports."
"Before using Ex-Im Bank, we never had the money or working capital to grow and develop the company as envisioned," said Jim Ajmal, owner of Valley of the Sun. "Since working with Ex-Im Bank, we have been able to give customers a line of credit and borrow against pending orders, which has helped us expand over the past few years."
For more information about Ex-Im Bank, call 1-800-565-EXIM or visit www.exim.gov.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
SOURCE Export-Import Bank of the United States