Peters Visits Mill Steel in Grand Rapids to Call on Congress to Renew Export-Import Bank
Ex-Im Bank Provides Critical Financing for Michigan Small Businesses
GRAND RAPIDS, MI – U.S. Senator Gary Peters (MI) today visited Mill Steel in Grand Rapids to call on Congress to renew the charter for the Export-Import Bank, which provides a wide variety of services and financing to help American businesses export their goods to foreign markets. If Congress fails to act by June 30th, the Export-Import Bank’s charter will expire, and Michigan businesses will lose access to critical support that gives them a competitive edge when exporting goods across the globe. Peters was joined by David Samrick, President and CEO of Mill Steel and Sonja Johnson, Executive Director of the Van Andel Global Trade Center at Grand Valley State University.
“Over its 80 year history, the Export-Import Bank has provided loans, insurance and guarantees to help businesses export their goods, open up new markets, find new customers and generate more demand here at home for parts, services and skilled workers,” said Senator Peters. “The Export-Import Bank is a vital tool that helps level the playing field for American companies in tough foreign markets, and Michigan businesses and manufacturers will lose their competitive edge if the Export-Import Bank’s charter is allowed to expire.”
The Export-Import Bank provides several programs to support businesses, including loan guarantees to export products to new markets, insurance to cover losses if a foreign buyer fails to pay and allowing exporters to borrow against their inventory or other assets to build their cash-flow.
Last year alone, the Export-Import Bank supported more than 164,000 jobs and backed $27.4 billion in U.S. exports for businesses across the country, including $10 billion in exports by small businesses. Since 2007, the Export-Import Bank has supported 228 Michigan exporters selling $11 billion worth of goods to places like Saudi Arabia, Mexico and Canada. The majority of Michigan exporters using the Export-Import Bank are manufacturers of motor vehicles and parts, chemicals and machinery, all of which play a vital role in Michigan’s economy. Additionally, in 2014, Ex-Im Bank generated a $675 million surplus for taxpayers, reducing the federal budget deficit.
The Export-Import Bank has broad bipartisan support from members of Congress and organizations like the U.S. Chamber of Commerce, the National Small Business Association and the National Association of Manufacturers.
“While other nations are strengthening their export assistance programs, there are some in Congress who want to eliminate the Export-Import Bank, and I couldn’t disagree more. We should be doing everything we can to help our businesses take advantage of opportunities to grow and succeed,” added Senator Peters. “Congress must act now to renew the Export-Import Bank charter so that American businesses, including those right here in the Grand Rapids area, can continue to sell their goods and services in markets around the world.”
“Our company is dedicated to making its products and hiring workers right here in Michigan. The loan guarantees we get from the Export-Import Bank allows Mill Steel to be based in Michigan and continue to grow our business and stay competitive as we export to markets throughout North America,” said David Samrick, President and CEO of Mill Steel. “I thank Senator Peters for being a strong advocate for the Export-Import Bank and for supporting its mission to help businesses like ours grow and be successful.”
“Grand Valley State University’s Van Andel Global Trade Center has seen the positive impact exporting businesses have received after using Export-Import bank financial services to support sales to foreign buyers,” said Sonja Johnson, Director of the Van Andel Global Trade Center.
The Van Andel Global Trade Center has been a City-State Partner of the Export-Import Bank since 2005 and works to connect Michigan exporters with information and assistance on the export finance programs of Ex-Im Bank.
Peters has long been a champion of Michigan businesses. In April, he introduced a bipartisan bill to strengthen the Small Business Administration (SBA)’s main lending program, the 7(a) loan program, which has since passed the Senate Small Business and Entrepreneurship Committee and now awaits a vote in the full Senate. As a member of the U.S. House of Representatives, Peters authored the State Small Business Credit Initiative (SSBCI), which leverages private capital with targeted federal investments to support small businesses. The program has been a huge success, supporting nearly 4,000 jobs in Michigan and leveraging more than $430 million in capital for Michigan businesses.
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