For months now, the Chamber has been strongly urging members of Congress to reauthorize the Export-Import Bank of the United States (Ex-Im). The Bank's charter expired in September 30, 2011, and in December Congress extended the charter through May 2012, but without an increase in its lending cap.

The extension of the Bank’s operating authority is only a temporary fix, and the Bank’s operations will soon come to a halt as it hits its lending limit. John Murphy, vice president of international affairs at the Chamber was quoted in USA Today stating: "The bank's work is at risk of grinding to a halt," adding that the bank is on track to max out in April or May. The Bank currently has more business in its pipeline than it can support.

The timing could hardly be worse. In Fiscal Year 2011, Ex-Im supported a total of $40.6 billion in export sales that sustained approximately 290,000 U.S. jobs at over 3,600 companies. Ex-Im’s services are particularly important to U.S. small and medium-sized businesses. Yesterday, Forbes noted: “The financing that Ex-Im provides to small businesses is contributing to a significant increase in overseas sales. In fiscal year 2011 alone, the Bank increased small business transactions to a record $6 billion, up $1 billion from the previous year. Over 85% of all Ex-Im transactions directly benefit small business exporters.”

The surge in small business transactions is partly attributable to Global Access for Small Business (Global Access), the agency’s small business outreach initiative. This ambitious public-private partnership to engage more companies in exporting was launched at the U.S. Chamber a year ago as part of the National Export Initiative (NEI). Marking a successful first year, Ex-Im is on track to double its export volume and new business involvement by FY2014.

As Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce, recently said: “The Global Access for Small Business program is equipping small businesses with the tools and resources needed to reach more customers around the world and expand foreign sales. Creating growth in U.S. exporting will help lead the U.S. to economic recovery and this partnership will continue to give small business the assistance needed to harness that growth."

Over the past year, the Chamber supported many of Ex-Im Bank’s 32 Global Access forums held around the country at which representatives from local businesses, elected officials, local chambers, and partner government agencies shared their expertise on how to successfully enter the global marketplace. Ex-Im Bank is continuing to hold Global Access forums across the country in 2012. To see where and when the next forum is being held, go to the Global Access events page.

Ex-Im must play a leading role in the effort to increase exports, create American jobs, and enhance U.S. competitiveness. Failure to reauthorize Ex-Im would amount to unilateral disarmament and will only put U.S. exporters at a sharper disadvantage. We must continue to give U.S. companies, both small and large, the assistance they need to harness export growth.