July 17, 2013
Reauthorize Ex-Im Bank to help small business
Thanks to the Export-Import Bank of the United States, my family business, DemeTech Corp., is exporting surgical sutures and blades to more than 100 countries from our Miami Lakes facility.
Ex-Im Bank makes hard-to-finance export sales happen with a variety of direct loans, export-credit insurance and working capital guarantees for foreign buyers. It has a terrific record of creating export opportunities and high-wage jobs. Yet it is threatened by a move in Congress to abolish it by failing to reauthorize this vital job-producing agency. Opponents wrongly claim that government has no legitimate role in our economy — a view that ignores the real world of global trade.
Abolishing the Export-Import Bank would amount to unilateral disarmament in the increasingly fierce global markets that pit U.S. private enterprises against government-supported or government-owned overseas competitors. Ex-Im seeks to level the playing field by providing export credit that conventional financiers are unwilling or unable to provide.
In our case, the Ex-Im Bank enabled us to expand exports beyond blue-chip customers to countries such as Egypt and Libya that conventional financiers shun. Our variety of specialized sutures and surgical blades offer superb value but they compete against overseas exporters whose governments offer below-market interest rates, 100 percent financing or other generous terms.