NSBA/SBEA Testifies Before Senate on Ex-Im BankApril 17, 2012
Washington, D.C. –Today, Sonya Kostadinova, a board member of the Small Business Exporters Association (SBEA)—a council of the National Small Business Association—testified before Senate Committee on Banking, Housing and Urban Affairs in support of a long-term reauthorization for the U.S. Export-Import Bank (Ex-Im Bank). Kostadinova runs an export management company, Transcon Trading Co., in Columbia, South Carolina which relies heavily on the various products offered by Ex-Im Bank.
“Over the last 20 years, Ex-Im Bank has been a driving force behind our growth in exports,” Kostadinova stated during her testimony. “Getting export financing and insurance is a very difficult, expensive and cumbersome process—and oftentimes not possible at all—for a small business using private-sector banks.”
Outlining the critical role Ex-Im Bank plays in providing financing and insurance products to small exporters, as well as offering credit terms to international buyers, Kostadinova stated that, “For smaller companies, Ex-Im is not the bank of last resort. It is the bank of only resort.”
SBEA has been an outspoken proponent of a long-term reauthorization for Ex-Im Bank along with an increase in their exposure cap to $140 billion. As noted in Kostadinova’s testimony, short term extensions have a paralyzing effect on small exporters, many of whom rely on Ex-Im financing and simply cannot proceed with deals—even in the presence of interested customers—without the support and stability of Ex-Im Bank.
“Sonya’s story is representative of the small businesses we hear from every day who likely wouldn’t have been able to prosper, grow and create jobs without the support of Ex-Im Bank,” stated NSBA President and CEO Todd McCracken.
In closing, Kostadinova urged the Committee to “….see Ex-Im Bank for what it is, an agency that produces results and doesn’t cost taxpayers a dime—not, as some would have you believe, a burden on U.S. taxpayers.”
Please click here to view the testimony in its entirety.
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.