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In some cases, there’s good reason to stand alone, to stray from the crowd, to zig when the rest of the world is zagging. In some instances, it could be considered courageous, even brilliant.
In other cases, it’s downright foolish.
Closing the Export-Import Bank fits squarely in the latter category. In the illustration above, you can see why Congress’ decision to let the Ex-Im Bank’s charter expire completely undermines American businesses.
Indeed, companies in every other major trading nation have access to trade finance from an official export credit agency. Without Ex-Im, U.S. businesses find themselves at a distinct and unique disadvantage when trying to sell goods and services abroad, prohibiting some of them from even bidding on overseas contracts that would help them create jobs back home.
It isn’t merely large corporations that depend on Ex-Im, either. More than 3,000 small businesses – like these – rely on the agency’s trade finance and insurance services to be able to sell their wares internationally.
While Ex-Im was forced to stop issuing new financing and guarantees at the end of last month, the debate over Ex-Im continues in Congress. In the meantime, those small businesses are left in the same position as the stars and stripes in that illustration: on their own.