Ex-Im Bank doles out billions of dollars of loans and insurance subsidies every year and has become the poster child for corporate cronyism in Washington. Think of the bank as food stamps for America's Fortune 500 companies.
When Ex-Im gives companies the resources they need to sell their products abroad, their employees, suppliers and communities succeed at home.
People have to realize that not having an Ex-Im Bank has a direct impact on U.S. jobs. Not only that, it has a direct impact on long-term competitiveness in a global world.
In a world without an Ex-Im Bank, which finances just 2 percent of U.S. exports, private firms would provide the insurance and credit these companies need, but at market rates that reflect risk of default.
There are over 20 federal agencies that provide some, or all, of the steps in the export process. This can paint a very confusing and intimidating picture for small companies who often don't have designated export officials or trade representatives on staff to navigate the process for their businesses.
Having more customers means nothing if America's small businesses cannot obtain the required capital to support their exports in the competitive international markets.
In the best of all worlds everyone in the Embassy is doing something to assist U.S. exports.
If the U.S. doesn't have an export credit agency, which is what the Export-Import Bank is, then we can't compete with other countries that do. Every other country in the world that competes in aerospace has an export credit agency.
If the U.S. were to not reauthorize the Ex-Im bank, it's in essence unilaterally disarming in a globally competitive environment.
It makes no economic sense for the U.S. not to have an export credit agency.
Manufacturing is the backbone of Connecticut's economy, and suppliers such as Click Bond depend on partnerships with U.S.-based manufacturers that export many of their products with Ex-Im's backing.
