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Exporters say EXIM financing helped them expand into new markets and create jobs
Summary
Business representatives described how exporting, supported by Export-Import Bank tools, helped firms diversify customers, expand into roughly 70 countries and hire staff; an EXIM spokesperson marked the agency’s 90th anniversary and highlighted programs for minority- and women-owned firms.
Business representatives told a panel that exporting — backed by financing tools from the Export-Import Bank of the United States (EXIM) — helped their firms diversify markets and preserve jobs.
"Joy and I were approached to export at least a couple times a year for the first five years of our business, and we always said no because it seemed like such a scary thing to try to figure out," said Business owner (S1), describing early hesitation about overseas sales. The speaker said the COVID-19 pandemic showed the risk of relying on a single market and prompted the company to pursue exports to broaden income streams.
"By exporting, we've actually been able to increase our business, hire secure staff, grow within the community of Northwest Indiana, grow our line, and secure the mission that we started out with," Business owner (S2) said. That speaker credited export activity with helping the company hire and stabilize local jobs.
A representative identified with MontaChem International said the firm has exported since inception and described exporting as a learning process that requires adapting to different cultures and economic situations. "MontaChem International has been an exporting company from inception," the MontaChem representative (S3) said.
Another business representative said EXIM "has provided us the opportunity to sell product to countries we might normally not be able to. It ensures the collection, and that has also helped fuel the growth of our business and created some jobs as well" (Business representative (S4)). Other panel speakers called exporting a form of problem-solving and noted the professional and cultural benefits of working in many markets. "We're in 70 different countries," Business owner (S6) said, describing the breadth of the firm's exposure.
An EXIM spokesperson framed those accounts in agency terms, noting EXIM's congressional mandate and century-scale role. "For 90 years, the Export-Import Bank of the United States has been steadfastly supporting U.S. businesses as they export their American made goods and services to customers around the globe," the EXIM spokesperson (S7) said. The spokesperson added that EXIM offers financing tools to help U.S. businesses enter global markets and that its minority- and women-owned business division provides specialized support to extend exporting benefits to underserved communities.
The EXIM spokesperson also emphasized the size of the global market: "With 95% of the world's consumers located outside the United States, we encourage all companies of every size to explore the endless opportunities that lie in international markets and to take advantage of all that world trade can do to strengthen your businesses." The session closed with the agency noting its 90th anniversary and encouraging businesses to consider exporting as a way to diversify revenue and protect jobs.
