Made in the USA: Port Hosts Forum to Increase Exports
2010-10-29 · By Editor
Southern California small businesses can grow profits and jobs by exporting, with the help of innovative financing products from the Export-Import Bank of the United States, Ex-Im Bank Chairman and President Fred P. Hochberg said at the Small Business Exporter Forum at the Port of Long Beach on Thursday.
“Made in the U.S.A.” is a great door opener,” Hochberg added.
The forum, part of an ongoing effort to assist businesses involved in exporting U.S.-made goods, was attended by the Long Beach International Trade Office and about 100 exporters and others.
The Small Business Exporter forum was organized to help facilitate an increase in U.S. exports by introducing small companies to the financial tools and opportunities offered by the federal government and other agencies. The discussions focused on helping small businesses find the information, credit and insurance they may need to start or boost sales of goods and services in overseas markets.
“We want to help more Long Beach area companies successfully compete for sales to foreign buyers,” Hochberg said. “Ninety-five percent of the world’s customers live outside of the U.S., but only 1% of U.S. businesses are exporting. This is an opportunity companies can’t afford to miss, and we’re here to make it easier.”
Hochberg noted that PACMIN (Pacific Miniatures Inc.), Fullerton, Calif., a 100-employee manufacturer of airplane models and graphic design services, has used Ex-Im Bank multi-buyer export credit insurance since 2005 to successfully sell its products to airlines worldwide: “Now 40 percent of PACMIN’s annual sales consist of exports.” Hochberg visited PACMIN following the forum.
Representatives of three other local small businesses—Valley of the Sun Cosmetics in Gardena; Creative Teaching Press in Huntington Beach; and Ceilings Plus in Los Angeles—told forum attendees of their export successes backed by Ex-Im Bank financing.
Hochberg also described the Bank’s new financing products that make it easier for local companies to sell their products and services in global markets:
- Supply Chain Guarantee: increases liquidity for small-business suppliers of goods and services to U.S. exporters.
- Reinsurance: helps U.S. small-businesses obtain private-sector insurance to cover risks of nonpayment of foreign receivables. Participating private-sector insurers can get reinsurance from Ex-Im Bank.
- Solar Express: provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects.
Thursday’s event follows the recent round table hosted by the Port that brought together senior U.S. trade officials and local business people to discuss tapping into overseas markets.