Small exporters will be among the most to benefit from the charter renewal of the Export-Import Bank of the United States and the most to suffer if Congress fails to act soon, leaders of the National Association of Manufacturers said Thursday.
In addition to a new charter, which expires May 31, exports are looking for an increase in the bank’s lending cap from $100 billion to $135 billion. Although the bank has stepped up its efforts to assist small businesses in the past two years, the bank will have to turn away prospective exporters if it doesn’t raise the lending cap, said NAM President Jay Timmons.
Drew Greenblatt, president of Marlin Steel Wire Products in Baltimore, said that the Ex-Im Bank has been critical in the company’s expanding export market.
“The Export-Import Bank gives us the courage to take a chance on somebody you or I have never heard of. We’ll extend credit, so we’ll accept jobs normally we wouldn’t have accepted,” Greenblatt said.
Legislation to extend the bank’s charter stalled in Congress after a group of air carriers led by Delta Air Lines sued the bank, alleging that Ex-Im harmed U.S. businesses when it underwrote a $3.4 billion loan to Air India to purchase Boeing aircraft.