Cardin, Senators, SBA Administrator Call For Export-Import Bank Reauthorization
About 90 percent of the Ex-Im Bank’s transactions involve small businesses. The Senators were joined by Bobby Patton, CEO of Patton Electronics Company in Gaithersburg, Maryland. Patton Electronics has used Ex-Im Bank services to sell telecommunications products to new markets overseas.
The “Ex-Im Bank” is a financing tool that helps American companies sell their products or services to foreign customers. The Ex-Im Bank’s charter is set to expire Sept. 30, and unless Congress acts, it will be forced to end its assistance to American companies. In 2013, the Ex-Im Bank supported $37 billion in export sales and 205,000 jobs.
The Export-Import Bank is self-supported through interest payments and fees, turning a profit for the U.S. taxpayer. In 2013, the bank transferred $1 billion to the U.S. Treasury.