Since 2007, Ex-Im Bank Has Financed Nearly $3 billion to Over 200 Pennsylvania Businesses Allowing Them to Access New Markets / In 2014, Local Company by Company Data Shows Businesses Across the State Have Benefitted / Allowing Funding to Stop Would Harm PA’s Economy, Stunt Job Growth
Washington, DC- With over 200 Pennsylvania businesses benefitting from export financing since 2007 and a critical deadline approaching, U.S. Senator Bob Casey (D-PA) today called on Congress to keep the Export-Import (Ex-Im) Bank authorized. The Ex-Im Bank has been key in helping businesses sell their products to international markets; in 2014 alone, the Ex-Im Bank has financed $338 million in transactions to 95 Pennsylvania businesses, supporting more than $500 million in export sales.
“We must act to reauthorize the Export-Import Bank before its charter expires on September 30th,” said Senator Casey. “The Export-Import Bank helps businesses, particularly manufacturers, across Pennsylvania sell products around the world, creating jobs in the Commonwealth. We must move quickly to reauthorize its charter and allow it to continue with its essential work.”
The Export-Import Bank helps businesses across Pennsylvania export products around the world. Small businesses looking to enter foreign markets can face any number of hurdles to competing abroad. Companies find themselves caught in a dynamic where foreign banks refuse to finance overseas products, while American banks cannot provide financing due to regulatory or legal hurdles. The Export-Import Bank is there in these circumstances to help these firms get the financing they need to compete. The Bank also operates at no cost to the federal government and returns funds to the Treasury.
In Pennsylvania, since 2007, the bank has completed roughly $3 billion in transactions benefitting 246 Pennsylvania exporters, including 160 small businesses, and supported about $6 billion in export sales for Pennsylvania businesses. According to the Bank, in 2013, its activities supported an estimated 205,000 U.S. jobs at more than 3,400 companies, 90 percent of which were small businesses.
Below are some selected success stories from Pennsylvania:
- “If not for Ex-Im’s insurance, I don’t know how we would have grown our international business. Open terms is critical and many large companies do not offer it. Plus, the policy gives me a peace of mind,” -Karl Brown, Owner, S.B. Global Foods, Inc. — Landsdale
- “Our business is growing because of exports. This has helped us maintain jobs, and I have no doubt we will add jobs in the future. Already one of our suppliers in Johnstown, Pennsylvania, which produces our super-premium ice cream according to our recipe, has added staff to its production operation,” -Michael Strange, President, Bassett’s — Philadelphia
- “In today's challenging global economic environment, Ex-Im Bank support of our exports gives us opportunities that we otherwise would not have. The Ex-Im Bank facility allows us to serve buyers in many different countries, like Saudi Arabia, India and China that are less hit by recession. Exports make up 40 to 60 percent of our business, and these sales have helped us create and maintain jobs at Aquatech. Ex-Im Bank has had a positive impact on our continued growth,” -Venkee Sharma, President and CEO, Aquatech International Corporation — Canonsburg
Below is a list of Pennsylvania businesses that have been helped by the Export-Import Bank in 2014:
|
Exporter |
City |
Total Ex-Im Loans |
Export Sales Supported by Loans |
|
4n Corporation |
Seneca, PA |
$105,765 |
$105,765 |
|
Agileswitch, Llc |
Philadelphia, PA |
$32,246 |
$32,246 |
|
Agricultural Exports, Inc. |
Doylestown, PA |
$58,454 |
$58,454 |
|
Akrion Systems Llc |
Allentown, PA |
$6,300,000 |
$20,500,000 |
|
All American Dairy Products, Incorporated |
Malvern, PA |
$22,998 |
$22,998 |
|
All American Hose, Llc |
Union City, PA |
$900,000 |
$3,000,000 |
|
Allied Wire & Cable, Inc. |
Collegeville, PA |
$221,308 |
$221,308 |
|
American Crane & Equipment Corporation |
Douglassville, PA |
$1,078,200 |
$1,078,200 |
|
American Made, Llc |
Cranberry Township, PA |
$2,011,432 |
$2,011,432 |
|
Annamaet Pet Foods Inc |
Telford, PA |
$205,779 |
$205,779 |
|
Aquatech International Corporation |
Canonsburg, PA |
$14,415,067 |
$14,415,067 |
|
Asi Technologies, Inc |
Montgomeryville, PA |
$2,028,938 |
$2,028,938 |
|
Aztec Products, Inc. |
Montgomeryville, PA |
$59,200 |
$59,200 |
|
Bassett Ice Cream Co. |
Philadelphia, PA |
$333,682 |
$333,682 |
|
Bedford Reinforced Plastics, Inc. |
Bedford, PA |
$1,187,123 |
$1,187,123 |
|
Berkshire Dairy And Food Products, Llc |
Reading, PA |
$958,284 |
$958,284 |
|
Bimax, Inc. |
Glen Rock, PA |
$2,261,236 |
$2,261,236 |
|
Bingaman & Son Lumber, Inc. |
Kreamer, PA |
$29,904 |
$29,904 |
|
Bpi, Inc. |
Pittsburgh, PA |
$38,981 |
$38,981 |
|
Bridon American Corporation |
Hanover Township, PA |
$14,244,861 |
$14,244,861 |
|
C L Sturkey Inc |
Lebanon, PA |
$96,345 |
$96,345 |
|
Chipblaster, Inc |
Meadville, PA |
$830,560 |
$830,560 |
|
Circadiance Llc |
Export, PA |
$5,914 |
$5,914 |
|
Cmi Epti Llc |
Erie, PA |
$9,609,541 |
$12,065,329 |
|
Conestoga Usa, Inc. |
Pottstown, PA |
$34,658 |
$34,658 |
|
Copperhead Chemical Company, Inc. |
Tamaqua, PA |
$207,169 |
$207,169 |
|
Creative Pultrusions, Inc. |
Alum Bank, PA |
$112,469 |
$112,469 |
|
Eaton Corporation |
Moon Township, PA |
$10,356,099 |
$13,056,947 |
|
Ecore International |
Lancaster, PA |
$2,504,312 |
$2,504,312 |
|
Ecotech Marine Llc |
Allentown, PA |
$2,371,747 |
$2,371,747 |
|
Electronic Instrument Research, Limited |
Irwin, PA |
$17,050 |
$17,050 |
|
Elliot Ebara Group |
Jeannette, PA |
$336,396 |
$597,256 |
|
Elliott Company |
Jeannette, PA |
$570,034 |
$717,388 |
|
Engineered Plastics Llc |
Lake City, PA |
$78,188 |
$78,188 |
|
Environmental Tectonics Corporation |
Southampton, PA |
$1,800,000 |
$5,000,000 |
|
Esus Group, Inc., The |
West Chester, PA |
$10,935 |
$10,935 |
|
Everchem Llc |
Media, PA |
$27,000 |
$27,000 |
|
F A Davis Company |
Philadelphia, PA |
$799,704 |
$799,704 |
|
Fallien Cosmeceuticals Ltd. |
Norristown, PA |
$117,425 |
$117,425 |
|
Fitness Machines, Llc. |
Aston, PA |
$750,279 |
$750,279 |
|
Forney L.P. |
Seven Fields, PA |
$388,230 |
$388,230 |
|
Fox Chapel Publishing Co., Inc. |
East Petersburg, PA |
$39,878 |
$39,878 |
|
Gasbarre Products, Inc. |
Du Bois, PA |
$1,800,000 |
$8,000,000 |
|
General Electric Power And Water |
Trevose, PA |
$2,953,813 |
$3,411,855 |
|
General Electric Transportation |
Erie, PA |
$111,930,209 |
$136,343,943 |
|
General Machine Products Co Inc |
Trevose, PA |
$188,625 |
$188,625 |
|
Gentex Corporation |
Simpson, PA |
$217,216 |
$217,216 |
|
Great Coasters International Inc |
Sunbury, PA |
$1,651,500 |
$0 |
|
Grovara Llc |
Blue Bell, PA |
$86,069 |
$86,069 |
|
Hormann Flexon Llc |
Burgettstown, PA |
$10,605 |
$10,605 |
|
Integrated Technologies & Services International, Llc |
Johnstown, PA |
$3,570 |
$3,570 |
|
International Steel Svcs Inc |
Pittsburgh, PA |
$3,150,000 |
$5,000,000 |
|
Jlg Industries, Inc. |
Mc Connellsburg, PA |
$9,165,392 |
$10,905,349 |
|
Just Born, Inc. |
Bethlehem, PA |
$985,403 |
$985,403 |
|
Kalas Mfg, Inc. |
Lancaster, PA |
$891,000 |
$14,000,000 |
|
Kraft Foods Group Exports Llc |
Wilkes Barre, PA |
$2,338 |
$2,338 |
|
Kurt J. Lesker Company |
Jefferson Hills, PA |
$1,733,356 |
$1,733,356 |
|
Kwik Goal Ltd |
Quakertown, PA |
$3,501 |
$3,501 |
|
Lenox Instrument Co., Inc. |
Trevose, PA |
$84,578 |
$84,578 |
|
Lockheed Martin Corporation |
Newtown, PA |
$85,295,212 |
$155,524,000 |
|
Loh Enterprises, Llc |
Clarks Summit, PA |
$1,438,987 |
$1,438,987 |
|
Loudon Industries, Inc. |
Mercersburg, PA |
$1,180,079 |
$1,180,079 |
|
Loveshaw Corporation, The |
South Canaan, PA |
$500,870 |
$500,870 |
|
Mack Trucks Inc |
Allentown, PA |
$130,958 |
$153,468 |
|
Metal Edge International, Inc. |
North Wales, PA |
$318,213 |
$318,213 |
|
Metallurgical Products Company |
West Chester, PA |
$126,662 |
$126,662 |
|
Mount Joy Wire Corporation |
Mount Joy, PA |
$115,096 |
$115,096 |
|
Mull Export Management & Consulting |
Lancaster, PA |
$495 |
$495 |
|
National Label Company, Inc. |
Lafayette Hill, PA |
$6,300,000 |
$38,000,000 |
|
Norquay Technology Incorporated |
Chester, PA |
$590,455 |
$590,455 |
|
Oak Hill Veneer, Inc. |
Troy, PA |
$1,683,718 |
$1,683,718 |
|
Oakworks, Inc. |
New Freedom, PA |
$144,648 |
$144,648 |
|
Peripheral Dynamics, Inc. |
Plymouth Meeting, PA |
$283,948 |
$283,948 |
|
Philadelphia Scientific Llc |
Montgomeryville, PA |
$141,499 |
$141,499 |
|
Polyflow Inc. |
Oaks, PA |
$23,078 |
$47,091 |
|
Raymond Cohen And Son Inc |
Camp Hill, PA |
$4,695,888 |
$4,695,888 |
|
Rjm Manufacturing Inc |
Fairless Hills, PA |
$660,869 |
$660,869 |
|
S.b. Global Foods, Inc |
Lansdale, PA |
$498,065 |
$498,065 |
|
Sapling Company, Inc., The |
Huntingdon Valley, PA |
$509,719 |
$509,719 |
|
Scicast International Incorporated |
Bechtelsville, PA |
$258,956 |
$258,956 |
|
Sealstrip Corporation |
Gilbertsville, PA |
$411,447 |
$411,447 |
|
Showmark, Llc |
Exton, PA |
$16,094 |
$16,094 |
|
Smithco, Inc. |
Wayne, PA |
$1,343,353 |
$1,343,353 |
|
Specialty Tires Of America, Inc. |
Indiana, PA |
$3,984,394 |
$3,984,394 |
|
Spring Health Products, Inc. |
Norristown, PA |
$14,542 |
$14,542 |
|
Strong Industries, Inc. |
Northumberland, PA |
$232,769 |
$232,769 |
|
Superior Tire & Rubber Corp. |
Warren, PA |
$56,657 |
$56,657 |
|
Susquehanna Capital Acquisition Company |
Lancaster, PA |
$4,500,000 |
$6,666,667 |
|
Tescor, Inc. |
Warminster, PA |
$1,726,136 |
$1,726,136 |
|
Tim-bar Corporation |
Hanover, PA |
$277,954 |
$277,954 |
|
Timken Gears & Services Inc. |
King Of Prussia |
$129,391 |
$264,022 |
|
Turkey Hill, L.P. |
Conestoga, PA |
$675,952 |
$675,952 |
|
Unipack, Inc. |
Pittsburgh, PA |
$53,144 |
$53,144 |
|
Wesco Industrial Products, Inc. |
North Wales, PA |
$79,832 |
$79,832 |
|
Zeigler Bros., Inc. |
Gardners, PA |
$7,352,324 |
$7,352,324 |
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