NSBA Applauds Passage of Ex-Im CompromiseMay 15, 2012
Washington, D.C. –Today, the Senate voted 78-20 to approve compromise language reauthorizing the U.S. Export-Import (Ex-Im) Bank. The compromise provides a path forward on Ex-Im Bank which will offer gradual increases to the exposure cap starting at $120 billion in 2012 and topping out at $140 billion in 2014, provided certain default requirements are met. The three-year authorization also includes increased transparency and reporting on the part of Ex-Im Bank on myriad topics, including the Bank’s small-business services.
“I applaud the Senate for approving the Ex-Im Bank compromise deal which will infuse much-needed stability into the program,” stated NSBA President and CEO Todd McCracken. “Ex-Im Bank is a critical resource to America’s small-business exporters and this compromise is the right policy at the right time.”
NSBA and its international trade arm—the Small Business Exporters Association (SBEA)—has been an outspoken advocate for a long-term reauthorization and increased exposure cap for Ex-Im Bank. The Bank provides much-needed financing and credit insurance to small businesses and has been expanding and improving its small-business programs. For FY 2011, Ex-Im Bank set a record in its support of small business at $6 billion—an increase of more than 20 percent since 2010, and the new compromise language includes specific language to continue enhancing small-business exporting.
“For many small exporters like Air Tractor, Ex-Im Bank isn’t just a lender of last resort—it’s the lender of only resort,” stated David Ickert, past chair of SBEA and VP of Finance for Air Tractor in Olney, Texas. “I thank every lawmaker in Washington, D.C. who voted for this compromise.”
The ongoing turmoil and instability caused by the political impasse over reauthorizing Ex-Im Bank forced many small exporters to scale-back or even abandon overseas sales—something the slowly rebounding economy cannot afford. This measure, along with those who supported it, is an important stand for small-business exporters and will ensure exporting remains a viable business path for many small businesses in the years to come.
Celebrating its 75th Anniversary in 2012, NSBA continues to advocate on behalf of America’s entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses across the country and is proud to be the nation’s first small-business advocacy organization. For more information, please visit www.nsba.biz.