Congressional gridlock and partisanship is nothing new, but if Congress can’t find a way to reauthorize the Export-Import Bank (Ex-Im Bank) before September 30 there will be serious implications for Arizona businesses — large and small.
The Ex-Im Bank helps Arizona businesses expand their manufacturing capacity and exporting ability, which in turn creates jobs and grows our economy. The Ex-Im Bank fills gaps in private financing, stepping up where the private sector can’t or won’t.
From 2007 to 2014, the Ex-Im Bank supported $658 million in exports from Arizona companies.
One of those companies, MarTek of Tempe, was reluctant to sell its semiconductor equipment to customers in Asia. It was concerned that once the equipment left its building, there was no guarantee it would get paid.
The Ex-Im Bank offered MarTek a solution. The bank issued an insurance policy so that MarTek could make sales and have a guarantee it would be paid. Thanks to the Ex-Im Bank, MarTek now exports to companies in Asia, Europe and the Americas.
Another business in the Valley benefitting from the Ex-Im Bank is Ulthera of Mesa. Ulthera manufactures medical devices, and thanks to the Ex-Im Bank, it was able to access additional debt financing at a critical point in its business. Ulthera is now one of the fastest-growing companies in Arizona, with sales in more than 30 countries outside the U.S.
The Ex-Im Bank’s charter is set to expire at the end of September. A lapse in authorization would threaten the competitiveness of these and many other Arizona businesses. I co-sponsored legislation to extend the Ex-Im Bank’s authorization and will continue to work with both parties to reauthorize this important investment in American jobs.
Thank you to Arizona Chamber, Arizona Manufacturer’s Council, Arizona Technology Council, Global Chamber, Arizona District Export Council and exporting business leaders across Arizona for their use and support of the Ex-Im Bank. Let’s grow business and jobs!
More information is available at the Ex-Im Coalition website or through Alyssa Marois in my office at the U.S. House of Representatives.
Kyrsten Sinema is the congresswoman for Arizona’s 9th District.
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