Export-Import Bank is vital to Kansas businesses and agriculture
Op-Ed by Karyn Page, President/CEO, Kansas Global Trade Services
As the leading international trade consulting firm in Kansas, Kansas Global Trade Services has helped many Kansas companies grow their exports. Since 1994, we have helped over 300 companies generate over $165 million in international sales. Our clients rely on these exports to hire more workers and grow their bottom line, and we expect these numbers will grow.
But despite the recent growth of our clients’ businesses, foreign competitors remain a serious threat. In countries like China, businesses competing with ours in the U.S. are propped up by export credit agencies. These credit agencies give our foreign competitors a leg up on business opportunities in other countries by financing their exports.
In order to compete and win in the global marketplace, American businesses need what’s known as the Export-Import (EXIM) Bank, a federal agency that finances and facilitates U.S. exports. Thousands of small and medium-sized businesses rely on EXIM, and reauthorization of the bank is critical to their success.
It’s hard to overstate the importance of the EXIM bank for American companies. In 2018, a number of our clients utilized the bank, dramatically increasing their sales. The bank helped them to achieve their business goals and hire more workers. However, in recent years, the bank’s charter has lapsed, forcing many U.S. companies to compete with one hand tied behind their backs.
In order to ensure American businesses are positioned for success, it’s critical that Congress and the administration reauthorize the bank. President Trump has made it a priority to ensure America can go head-to-head with foreign competitors. Reauthorization of the EXIM bank would unlock a critical tool in his efforts to let U.S. businesses win deals and succeed.
Critics claim that the EXIM bank only supports big businesses who don’t need the help. Tell that to the local workers that smaller Kansas agriculture-related businesses employ. These men and women rely on companies’ ability to operate globally and succeed in an increasingly competitive environment.
With global competition on the rise, it’s vital that we are using every tool at our disposal to position U.S. companies to play and win in the worldwide marketplace. At a time in which foreign countries are attempting to catch up to U.S. dominance, we must ensure we are utilizing every means possible to help American-owned businesses succeed. I hope Senator Moran and Senator Roberts will push their colleagues to act and reauthorize the EXIM bank. It is critical for Kansas businesses – and Kansas agriculture.
Karyn Page is the President and CEO of Kansas Global Trade Services, the 2017 recipient of the President’s “E” Award for Export Service. First established in 1961, the President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.