The U.S. Chamber of Commerce is delighted to host today the launch of the U.S. Export-Import Bank’s new "Global Access for Small Business" program. This initiative is dedicated to dramatically increasing the number of American small businesses exporting goods and services.

This afternoon, our CEO, Tom Donohue, will host Ex-Im Bank Chairman Fred Hochberg, Commerce Secretary Gary Locke, U.S. Trade Representative Ron Kirk, National Association of Manufacturers Executive Vice President and incoming CEO Jay Timmons, and SBA Administrator Karen Mills to mark the occasion.

Yesterday, though, there was excellent news about the Ex-Im Bank seriously going to bat for U.S. companies and workers in a different way, as seen in an article in the Wall Street Journal:

The Export-Import Bank of the U.S. is taking on China's export machine, in a deal designed as a model for developed nations to challenge China in markets around the world.

In a move crafted with White House involvement, the U.S. export-financing agency agreed for the first time to match China's cheaper financing terms to get the Pakistan government to buy 150 General Electric Co. locomotives.

The financing terms for the $477 million deal required the U.S. to work with the Organization for Economic Cooperation and Development, a multilateral organization that monitors export-financing terms by developed countries—but not by China—to attempt to provide a level playing field...

"They're winning deals in part because they're not playing by the rules," Ex-Im Bank Chairman Fred Hochberg said in an interview. "This says: We're not going to sit idly by and let you buy business. We will compete and make sure you stand toe to toe with American companies and American workers."

The OECD rules for export credit agencies are designed to create a level playing field for trade finance.  But China doesn’t follow those rules, and as a result Beijing has provided much more generous financing to its exporters.  According to a June 2010 Ex-Im Bank report (PDF), China’s export financing in 2008 was more than five times that of the United States.

If the United States is to double exports in five years, we need all hands on deck. The U.S. business community is pleased this includes the Ex-Im Bank.