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Engel Announces $388,857 inNY-16 Exports Financed by the Export-Import Bank in July

Engel Announces $388,857 in NY-16 Exports Financed by the Export-Import Bank in July

Washington D.C.— Congressman Eliot L. Engel, a top member of the House Energy and Commerce Committee, today announced the Export-Import Bank has financed $388,857 in exports for small businesses in New York’s 16th Congressional District during the month of July. The Export-Import bank helps American businesses insure international sales, finance foreign purchases of American products, and generate the working capital needed to expand into new markets outside the U.S. 

“Ex-Im Bank financing, while continuing to help small businesses in my district, remains hamstrung for large export sales over $10 million by a lack of quorum on the Bank’s board,” Engel said. “Nominees for the Bank’s board are languishing in the Senate, as a small number of Senate hard-liners who oppose the Bank continue to hold up any appointments. This behavior is hurting many U.S. exporters and workers, because U.S. banks are leery of financing cross-border transactions without Ex-Im Bank loan guarantees. Senate Republicans need to stop playing politics and start helping our small business community.”

The following NY-16 businesses were helped by Ex-Im Bank financing in July:

City

Exporter

Small Business

Amount

Rye

Steelsource International, Inc

?

$89,309.74

Yonkers

Crestwood Technology Group

?

$96,053.22

Yonkers

Graphite Metallizing Corporation

?

$203,494.72

Grand Total

$388,857.68