Senators Angela Alsobrooks (D-Md.) and Dave McCormick (R-Pa.) are introducing legislation to make a program within the Export-Import Bank permanent. The bill aims to help small businesses access loans for exporting goods overseas by directing the bank to prioritize working with state and local institutions.
The proposed legislation aims to stimulate economic growth and job creation by making it easier for American small businesses to access financing for international trade, potentially expanding their global reach and competitiveness.
A bipartisan effort in the Senate aims to bolster small businesses' ability to sell their products internationally. Senators Angela Alsobrooks (D-Md.) and Dave McCormick (R-Pa.) are set to introduce the Regional Export Promotion Act, which seeks to make a program within the Export-Import Bank permanent. This program is designed to facilitate connections between local businesses and financing opportunities for overseas sales.
Senator Alsobrooks emphasized the importance of small businesses and local chambers of commerce, stating that providing them with the necessary tools and financing to expand their market share and export products will lead to job creation and economic strengthening. According to a statement, the Export-Import Bank has financed $1 billion in exports from over 60 Maryland companies in the past decade, with 49 of those being small businesses. In fiscal year 2024 alone, the bank supported more than 1,200 small businesses out of a total of 1,400 transactions nationwide.
To further enhance small business access to loans from the bank, the proposed bill includes a pilot program that would direct the Export-Import Bank to prioritize collaboration with state and local entities, such as chambers of commerce and community banks. This legislation is being considered for inclusion in a broader reauthorization of the Export-Import Bank, whose current authorization is due to expire at the end of the year without Congressional extension.