Aug. 19--Created 80 years ago, the Export-Import Bank is a federal agency that supports loans and insurance to exporting small businesses. It also protects the credit commitments of buyers overseas.
Marty Clubb, managing winemaker for L'Ecole No 41, said that wineries such as L'Ecole No 41 rely on the bank to guarantee that the winery is paid when it ships its goods abroad. Without the bank, he said, there is no recourse for a small business if an international customer doesn't pay.
"Basically, we wouldn't be exporting wine if we didn't have the backing of the U.S. Ex-Im Bank," Clubb told the Association of Washington Business in July. "They're in a position that no one else can really do this for us. We rely on their support to be able to build all of our international sales."
According to an article from Inc. magazine, Molly Brogan, vice-president of public affairs for the National Small Business Association, said the Ex-Im Bank supported $24 billion in export sales during fiscal year 2011, as well as 290,000 U.S. jobs at more than 3,600 companies. It has also returned close to $3.5 billion to the government since 2006, she said.
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