The negative impact with the closing of the U.S. Export-Import (EXIM) Bank is being felt by small, medium and large businesses and the people they employ. Small businesses are being hit the hardest.
U.S. jobs will be sent overseas, sales lost to foreign competition, downsizing, and others will be forced to close their doors…all these factors and so much more will hurt the U.S. economy and its workforce. The benefits EXIM Bank provided directly and indirectly such as credit insurance, loan guarantees, job creation, expansion, increased sales with attractive financing, etc., far outweighs the cons.
However, there is hope! Non-bank financing companies like factors offer exporters and importers competitive financing that includes coverage through 3rd party credit insurance companies that replaces EXIM Bank’s services. Now, they will have opportunities to grow business and keep their company and jobs in the U.S.
Contact me to learn more about how factors can help!
MAJOR FY 2014 HIGHLIGHTS FROM EXIM BANK
|Supported $27.4b of U.S. exports at no cost to American taxpayers||164,000 American jobs supported||Nearly 90% of Ex-Im Bank transactions directly supported small businesses||$675m surplus generated for American taxpayers|
The following are articles about EXIM Bank’s closing and the EXIM.gov website.