Florida Ranks #2 Nationally in Ex-Im Bank FY'11 Small Business Financing

WASHINGTON, Oct. 19, 2011 /PRNewswire/ -- Today, the Export-Import Bank of the United States (Ex-Im Bank) announced that in its preliminary Fiscal Year 2011 (FY'11) figures, $400 million in export credit was authorized for Florida small businesses, making Florida one of the leading states in the country for Ex-Im small business financing.

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"Ex-Im Bank financing is supporting local jobs in cities across the Sunshine State," said Fred P. Hochberg, Ex-Im Bank chairman and president. "Small businesses are the backbone of our economy, and we will continue to provide our small and medium-sized business owners with the tools they need to compete in today's brutally competitive global marketplace."

"Small businesses in Florida are expanding but not at the rate that is needed to create more jobs," said Congresswoman Ileana Ros-Lehtinen, Chair of the Foreign Affairs Committee. "This is where the Export-Import Bank comes in and provides the loans that these small businesses prefer so that they can increase our export base and be an engine for job creation. Small businesses are the workhorses of the American economy, so I am pleased to see that they are taking full advantage of the loans the Ex-Im Bank offers and in doing so, we are setting the groundwork for a true economic recovery."

Ex-Im Bank recently reported that it has hit historic levels exceeding $32 billion in transactions, which are supporting $40.6 billion in export sales and approximately 290,000 American jobs at over 3,600 U.S. companies. The Bank authorized more than $533 million in export credit financing for Florida companies.  

"U.S. exports are contributing to our economic recovery and the record-setting growth of Ex-Im export financing is helping to support that trend," said Gene Sperling, the director of the National Economic Council. "American exporters and Ex-Im remain on track to achieve President Obama's goal of doubling U.S. exports by the end of 2014."

Featured Florida Small Business Transaction

DemeTech Corporation, a Miami-based manufacturer of medical and surgical supplies specializing in surgical sutures, has a $500,000 Ex-Im Bank multi-buyer policy that is enabling the company to support its export sales in over 80 countries and continue expanding markets. DemeTech also uses the Export Working Capital Program of the Small Business Administration (SBA) and the services of the U.S. Commercial Service to develop markets. Multi-buyer policyholders with an Ex-Im Bank or SBA export working capital loan are eligible for a 25 percent discount off premium rates.

More than 60% of DemeTech employees are working today to fill orders supported by Ex-Im Bank.

"We have expanded our distribution to over 80 countries, thanks in large part to Ex-Im Bank's multi-buyer insurance. The ability to extend credit to buyers is key to our astronomical growth," said DemeTech President and CEO Luis Arguello, Sr.  

Small Business

Small business financing rose over 70 percent from $3.3 billion in FY 2008 to $6 billion in FY 2011 and is up $1 billion from last year. As part of its efforts to increase this portfolio, Ex-Im Bank's Global Access for Small Business initiative has held more than 20 forums across the country this year, reaching 4,000 small business exporters. For information on Ex-Im Bank's small business transactions, please visit: http://www.exim.gov/sbgport/SB_success.cfm

About Ex-Im Bank

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank is a self-sustaining agency that receives no net appropriation from the U.S. Congress and charges interest and fees to fund its transactions.

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.  

SOURCE Export-Import Bank of the United States