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The Value of the Ex-Im Bank to NH Businesses

Nathaniel Nelson is an international trade officer for the Office of International Commerce, which welcomed him aboard this fall. He takes a look at the discussion about the Export-Import Bank and how it works for New Hampshire businesses. -Ed.

With its charter set to expire sometime next spring, there is much discussion about the Export-Import Bank of the United States (Ex-Im Bank) and its value to American businesses.

Recently, New Hampshire’s Office of International Commerce joined in the conversation by attending a roundtable discussion with US Sen. Kelly Ayotte and the Ex-Im Bank Chairman and President, Fred Hochberg. The roundtable discussion, hosted at Seaboard International Forest Products in Nashua, focused on the impact the Ex-Im Bank has had on helping New Hampshire businesses pursue and finance export opportunities.

The discussion highlighted the importance of reauthorizing the Ex-Im Bank’s charter and how Granite State businesses can make that happen.

The Ex-Im Bank is the export credit agency of the United States, providing export financing when there are gaps in what private lenders can provide or situations where lenders are unable, or unwilling, to accept credit risk. Businesses are able to obtain Ex-Im Bank products, such as working capital guarantees and export-credit insurance. Exporting is important to New Hampshire businesses. International trade helps them to reach new markets, increase sales and create jobs.

The long history of the Ex-Im Bank speaks to its value and importance. Over the last five years, Ex-Im Bank resources have supported 1.2 million American jobs, generated $2 billion in surplus for U.S. taxpayers and financed exports with a value exceeding $188 million.

Here in New Hampshire, the Ex-Im Bank has been a tremendous resource to our businesses; its authorizations translate into $375 million of total export value.

In the debate about the reauthorization of Ex-Im Bank, there has been great debate. Both sides have valid points.

At the recent roundtable, the consensus was that the Ex-Im Bank provides a great service, especially to small businesses.

For example, international sales at Boyle Energy Services and Technology in Concord have grown about 75 percent in the past few years, according to CEO Mike Boyle, in part because Ex-Im Bank had resources that made it possible.

Another business representative noted that his company’s access to Ex-Im Bank resources reached down the supply chain, helping to finance companies with which it works.

Sen. Ayotte called for the Ex-Im Bank to be reauthorized for a longer period and encouraged businesses and residents to let Congress know of its value.

The global market place is growing, evidenced by the United Nations’ projections that the global economy will grow more than 3 percent by 2017.

Now is the time for New Hampshire businesses to take advantage of the resources, like the Ex-Im Bank, that will launch them into global markets.

Nate

 

 

 

 Nathaniel Nelson
International Trade Officer
Office of International Commerce

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