Small Business Finance News
Ex Im Bank Extends Close To $40 Million To Small Business Exporter
Written by Jenna Weiner
Published: 4/13/2011
One Minnesota-based small business has received nearly $40 million from Ex-Im Bank to promote its exporting sector.
Earlier this year, President Barack Obama and his administration made small business news when it announced plans to focus on the sector as part of its overall goal to double U.S. exports by 2015.
Obama partnered with key cabinet members, federal agencies and the Export-Import Bank of the United States to realize its goal. Now, small businesses are reporting success. For example, Ex-Im Bank recently announced that it has approved nearly $40 million in export insurance for Bend Tec, a Minnesota-based company that manufactures fabricated high pressure piping, bends and fittings.
The funding will help BendTec, which employs only 109 workers, export its product to Technopromexport in Moscow and then to India to be used during installation at the Barh super thermal power project. Additionally, the contract will allow the business to rehire 30-40 employees that had been laid off during the economic crisis.
"I am pleased that our export-credit insurance will enable BendTec to put people back to work," said Ex-Im Chairman and President Fred Hochberg. "Small businesses are the backbone of our economy, and we will continue to provide our small business owners with the export financing they need to successfully compete around the globe."
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