On Bauer Business Focus — A conversation on the state of U.S. exports and imports with Andrew Schneider, business reporter for KUHF 88.7 FM.
When the United States economy hit rock bottom in 2008, the Obama administration made a goal to double exports by 2014 to help the ailing economy.
Fred Hochberg, President and Chairman of the Export-Import Bank (Ex-Im Bank) of the United States, dropped by Bauer Business Focus to discuss how the nation’s official export credit agency is helping create a surplus instead of a deficit and strengthen the U.S. economy.
“The role the Export-Import Bank has to double our exports has actually been the same since 1934,” Hochberg said. “It’s making sure that American companies can compete in the global marketplace.”
Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.
Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. Ex-Im also helps to level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters.
“We collect fees from our clients and they fully pay all of our administrative cost, all of our loan loss reserves, and in fact generate a profit, or a surplus, for the taxpayers,” Hochberg added. “In the last five years, we’ve generated $3.4 billion back to the treasury to be used in other parts of the government, so we create jobs and we do it at no cost to the taxpayers.”
While big corporations play a role in Ex-Im Bank, Hochberg said he and his team want to focus more on small businesses and creating jobs locally.
“A small business is a key initiative that we’ve put forward at the Export-Import Bank. We’re here to focus on small businesses and the Export-Import Bank of the United States can help American companies compete, get sales, and get jobs back here at home.”
Click here to hear the full interview.