Charleston Metro Chamber of Commerce Joins Businesses Across the Country Urging Congress to Reauthorize Ex-Im
June 24, 2014
CHARLESTON, SC -The Charleston Metro Chamber of Commerce today joined with organizations from across the country in sending a letter urging Congress to swiftly reauthorize the Export-Import Bank (Ex-Im). The bank, which provides loans and loan guarantees when other financing is not available, will see its charter lapse on September 30 unless Congress acts.
The letter, led by the U.S. Chamber of Commerce and National Association of Manufacturers, was signed by more than 800 chambers, companies and associations across the country, showing the overwhelming support for Ex-Im from American companies of every size, sector, and region.
“The benefits that the Export-Import Bank provides for businesses in South Carolina are vital for maintaining competitiveness and expanding opportunities for growth,” said Bryan Derreberry, President and CEO of the Charleston Metro Chamber. “For these companies, especially small businesses, to be able to compete globally, they need Ex-Im’s help to reach foreign markets and customers. If Congress fails to reauthorize Ex-Im, American companies would be put at a disadvantage in global markets, resulting in lost sales and lost jobs. We are urging members of Congress to act quickly to support American jobs and reauthorize Ex-Im.”
As the letter states, last year Ex-Im supported $37 billion in exports that in turn sustained more than 200,000 American jobs at 3,400 companies. The Bank’s support is especially important to small and medium-sized businesses, which account for nearly 90 percent of the Bank’s transactions.
World Trade Center Charleston, an initiative of the Charleston Metro Chamber, is in partnership with the Ex-Im Bank, providing access to financial information and services for local companies building business outside of the country. An export finance seminar for local companies will be held this Thursday, June 26 at the Chamber, featuring a representative from the Ex-Im Bank in Washington, D.C.
“It is support services such as this, which make the Ex-Im bank so important in our communities. They work with companies large and small to increase regional prosperity through international trade,” said Pennie Bingham, Sr. Vice President of the Chamber and Executive Director of World Trade Center Charleston. The Boeing Company is the state’s top exporter, followed by more than 50 other exporting companies, comprised mostly of small and medium sized businesses.
About the Chamber: With more than 1,700 member organizations representing 100,000 professionals, the Charleston Metro Chamber of Commerce serves as the collective voice of the business community and a catalyst for advancing the region’s economy and enhancing members’ success through Advocacy, Innovation, Talent and Business Advancement. Visit charlestonchamber.net.
