AEM and Export-Import Bank begin pilot program for SMBs.
Press Release Summary:
Small- and medium-sized companies with membership in AEM can now benefit from pilot program with Export-Import Bank of U.S. to increase exports. Program will focus on Working Capital Guarantee and Export Credit Insurance, but companies may also receive other Ex-Im Bank assistance. To qualify, companies must meet U.S. Small Business Administration definition of a small-medium business, produce goods in U.S., demonstrate 51% U.S. content for those goods, and have export deal in the works.
Original Press Release:
AEM and Export-Import Bank Begin Pilot Program for Small-Medium Size Member Companies
Small- and medium-sized companies with membership in the Association of Equipment Manufacturers (AEM) can now benefit from a pilot program with the Export-Import Bank of the United States (Ex-Im Bank) to increase their exports.
Dennis Slater, president of the association, and Fred P. Hochberg, the chairman and president of Ex-Im Bank, launched the program to help AEM's small- and medium-sized (SME) member companies boost exports. AEM 2010 Chairman Chuck Martz, President & CEO of Link-Belt Construction Equipment, participated in the launch.
"In his State of the Union message, President Obama set a goal of doubling U.S. exports over the next five years, and increasing support for small business," Hochberg said. "Ex-Im Bank will continue to expand its efforts to help small business exporters, including manufacturers, contribute to and share in that success by selling to the 95% of the world's buyers who are located outside of the U.S."
Under the guidelines of the program, an Ex-Im Bank representative will tailor assistance to eligible AEM-member companies interested in exporting products to new or existing markets.
The program will focus on Working Capital Guarantee and Export Credit Insurance, but companies may also receive other Ex-Im Bank assistance. To qualify, companies must meet the U.S. Small Business Administration definition of a small-medium business, produce goods in the U.S., demonstrate 51 percent U.S. content for those goods, and have an export deal in the works.
For more information, contact AEM's Nick Yaksich (202-898-9065, nyaksich@aem.org).
