Los Angeles Small Businesses to Reap New Export Finance Benefits as L.A. Area Chamber of Commerce Becomes Ex-Im Bank City-State Partner

Los Angeles small and medium-sized businesses seeking to grow by competing in global markets will have easier access to financing through a new partnership agreement signed today by the Los Angeles Area Chamber of Commerce and the Export-Import Bank of the United States (Ex-Im Bank).

The L.A. Area Chamber has joined Ex-Im Bank's City-State Partners Program, a nationwide marketing initiative that brings state and local government offices and private-sector organizations into partnerships with Ex-Im Bank to expand export opportunities.

"Ex-Im Bank's new partnership with the Los Angeles Chamber will help us get the word out to more area companies that we have the financing tools to help them reach their export potential," said John A. Emens, Ex-Im Bank senior vice president-Small Business, who signed the agreement on behalf of Ex-Im Bank at the L.A. Area Chamber's headquarters. "We already are active in California, but we want to widen our reach to the many small companies that still are unaware of our services."

"The Los Angeles Area Chamber of Commerce is committed to meeting the needs of small and growing businesses," said Gary Toebben, president and CEO, L.A. Area Chamber. "We look forward to building a successful partnership with Ex-Im Bank to further promote exports from the Los Angeles region and offer additional financing and marketing services to increase export opportunities."

As an Ex-Im Bank City/State Partner, the L.A. Area Chamber can help local businesses learn about and apply for a range of Ex-Im Bank financing products, including short-term export-credit insurance to mitigate the risk of foreign buyer nonpayment, loan guarantees to increase export-related working capital, and medium-term financing for foreign buyers.

With the addition of the L.A. Area Chamber, Ex-Im Bank has 46 City/State Partners in 36 states and the Commonwealth of Puerto Rico.

Since 1888, the L.A. Area Chamber has worked to improve the economy and quality of life of the Los Angeles region, including support for local businesses, ports, airports, water and transit systems, schools, air quality and health care. The center's services include offering companies global trade education and training, market analysis and assistance in developing export strategies.

Ex-Im Bank, the official export-credit agency of the United States, helps finance U.S. exports, primarily to emerging markets throughout the world, and in the process helps create and sustain U.S. jobs.

Over the past five years, Ex-Im Bank has helped 738 California companies in 227 communities export $8 billion in goods and services, including 27 companies in Los Angeles proper. In fiscal year 2006, Ex-Im Bank authorized more than $12.1 billion, including nearly $3.2 billion for small business authorizations, to support an estimated $16.1 billion of U.S. exports. For more information, visit http://www.exim.gov.