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Ex-Im Benefits Small Business

September 22, 2014
Weekly Columns

As we navigate the waters of a still-struggling economy, the impact of potential solutions upon job creators and providers should be carefully considered. Whether in the short-term or long-term, any solutions should obviously help rather than hurt hardworking Americans. When the economic environment allows business owners and workers to thrive, the whole country feels the benefit.

Our country’s ability to prosper depends heavily upon the success of small businesses, and Oklahoma contains a variety of businesses that contribute positively to economic recovery. Some of Oklahoma’s business owners whose products reach an international market have done so with the assistance of the Export-Import Bank (Ex-Im).

According to its charter, Ex-Im is the official export credit agency of the United States. As it was established in 1934, Ex-Im helps make potential overseas sales opportunities a reality by financing these transactions. Throughout its lifespan, it has facilitated more than $567 billion in exports.

Since 2007, financing provided by Ex-Im has supported over $1.1 billion in sales in Oklahoma by U.S. companies that would not have existed otherwise. Recipients of Ex-Im assistance include more than 100 Oklahoma companies that together employ more than 7,200 people—the majority being small businesses. In the Fourth Congressional District, this includes six companies representing energy, manufacturing and textile industries—four of which are small businesses employing around 35 people.

Along with passage of the continuing resolution legislation last week, I am pleased that Ex-Im was extended until June 30, 2015. In an era when foreign governments are directly subsidizing industries, American companies are in need of a level playing field, and I believe that Ex-Im does that responsibly. In fact, Ex-Im has returned more than $2.6 billion to the United States Treasury since 2008. For these reasons, I have been supportive of reauthorizing the Ex-Im charter.

While the existence of Ex-Im is sometimes questioned, I believe the current benefits felt by businesses across the country, in Oklahoma and the Fourth Congressional District argues strongly for its reauthorization.

Issues:Economy & Small Business