NW Senators urge renewal of program worth $1B to Oregon


Sens. Jeff Merkley (D-Oregon) and Maria Cantwell (D-Washington) visited a Milwaukie business to champion the Export-Import Bank.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

Sens. Jeff Merkley (D-Oregon) and Maria Cantwell (D-Washington) visited a Milwaukie business Friday to champion the Export-Import Bank.

The pair spoke at Bob’s Red Mill to urge the reauthorization of the program that invests in thousands of U.S. exporters.

U.S. exporters across the country depend on financing through the Export-Import Bank to access the 95 percent of customers who live outside the U.S. The Export-Import Bank makes money for taxpayers, returning $675 million to the U.S. Treasury last year.

“By equipping American businesses with the financial resources they need to compete in the global market, the Export-Import Bank levels the playing field for U.S. goods and services,” Merkley said. “In Oregon alone, over the last eight years, the Bank has supported 88 companies — 67 of which are small businesses — and 6,815 jobs. These numbers underscore how absurd it is that some in Congress want this bank, which not only pays for itself but generates a profit, to disappear. We are 11 days away from the Export-Import Bank expiring. Now is the time for Congress to step up and reauthorize this crucial program.”

(SOURCE: Portland Tribune)

Since 2007, the bank has aided about 7,000 jobs at 88 Oregon businesses, according to Merkley. Using that investment, the companies were able to export more than $1 billion of goods.

“Because of the help from the EXIM Bank, we now have 12 customers on credit ranging from $10,000 to $300,000,” said Bob Moore, the company’s founder. “This government program is easy to manage and we have increased export sales 35 percent over the previous year.”

(SOURCE: Portland Business Journal)

In 2014, the Export-Import Bank assisted in more than $27 billion in total U.S. export sales and 164,000 jobs at 3,340 small businesses.

 




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