Bennet works to reauthorize the Export-Import Bank

As globalization transforms our economy, many Colorado businesses, most of them small, are finding success by exporting their made-in-America products abroad.

One resource playing a key role in helping these companies ship American goods across the world is the Export-Import Bank (Ex-Im Bank). Since 2007, more than 100 businesses in our state, the majority of which are small or minority owned, have used the Ex-Im Bank to facilitate the export of $815 million in goods to global markets. Nationwide, the Ex-Im Bank supported $27.4 billion in U.S. exports and supported 164,000 jobs. Additionally, 90 percent of its financing went to small businesses.

For more than 80 years, the Ex-Im Bank has served as the nation’s official export credit agency, working with companies on loans, loan guarantees and other financing opportunities to compete for global sales. Unlike some federal programs plagued by inefficiency or waste, the Ex-Im Bank is a self-sustaining, independent agency. It has consistently returned money to the federal treasury — more than $7 billion since 1992.

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This story was posted on June 4, 2015.