(L-R) Chuck Martz, Dennis Slater and Fred Hochberg
Association of Equipment Manufacturers (AEM) small and medium-sized member companies can now benefit from a pilot program by the US Export-Import Bank (Ex-Im Bank) to boost their exports.
Under the program's guidelines, a representative of the bank will tailor assistance to eligible AEM-member companies interested in exporting products to new or existing markets.
"In his State of the Union message, President Obama set a goal of doubling US exports over the next five years and increasing support for small businesses," says Fred P Hochberg, president of the Ex-Im Bank.
"Ex-Im Bank will continue to expand its efforts to help small business exporters, including manufacturers, contribute to and share in that success by selling to the 95% of the world's buyers who are located outside the US," Hochberg says.
The program will focus on working capital guarantee and export credit insurance, but companies may also receive other Ex-Im Bank assistance.
To qualify, companies must meet the US Small Business Administration definition of a small or medium business, produce goods in the US, demonstrate 51% US content for those goods, and have an export deal in the works.
Dennis Slater, AEM president; Chuck Martz, AEM 2010 chairman and president of Link-Belt Construction Equipment; and Hochberg participated in the program launch.