U.S. shippers press for Ex-Im Bank resources

U.S. shippers press for Ex-Im Bank resources    A Washington-based trade group that lobbies for government export finance and assistance programs said the Obama administration must ensure the U.S. Export-Import Bank has adequate resources to efficiently assist U.S. shippers.
   The Coalition for Employment Through Exports (CEE) highlighted last week's decision by Iridium Communications to select a French supplier for the next generation of civilian communications satellites over Lockheed Martin, the U.S. supplier of the existing generation of satellites.
   'What is clear is that the French supplier prevailed because its export credit agency, COFACE, was able to address credit issues posed by the financing in a manner not available to the U.S. Ex-Im Bank, which was considering the deal at the time the decision was announced,' said John Hardy Jr., CEE president, in a statement.
   'This is but one example of the challenges facing U.S. businesses in the highly competitive global marketplace,' he added. 'In this adverse economic climate, last week's announcement underscores the difficult for the administration to achieve its goal of doubling the nation's exports under the National Export Initiative (NEI).'
   Hardy said, 'If the administration and Congress are serious about achieving the objectives of the NEI, they must ensure that the Ex-Im Bank, as well as other U.S. government export assistance programs, are able to compete with their international competitors.'
   In recent years, the Ex-Im Bank has increased its availability of loans to U.S. exporters and in April reported that it had more than doubled its export loan authorizations to $13.2 billion during the first half of fiscal year 2010.
   The bank reported a 125 percent increase compared to the record $5.9 billion authorized during the same period in fiscal year 2009.
   Small business export loan authorizations have also increased $500 million during the same period to $2.3 billion, or 28 percent more than the first half of fiscal year 2009.
   The Ex-Im Bank noted that its 2010 first-half figures are the latest in a series of records, while addressing tightened liquidity in the market. In fiscal year 2009, total authorizations came to $21 billion while authorizations for small business exporters totaled $4.36 billion, both records for the bank.
   Ex-Im Bank receives no appropriations from Congress, paying for its operations from the interest and fees it collects. As of March 31, the bank's fiscal year 2010 receipts in excess of costs totaled $162.6 million.