Ex-Im Bank and New York Fed Join Forces to Help Boost New York Small Business Exports and Create Local Jobs

NEW YORK, Dec. 6, 2011 /PRNewswire/ -- The Chairman and President of the Export-Import Bank of the United States (Ex-Im Bank), Fred P. Hochberg, the Federal Reserve Bank of New York, and City Council Speaker Christine Quinn are joining forces to increase the number of New York businesses that export. This event will take place on Thursday, December 8, 2011 at the New York Fed.

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New York currently ranks third nationally in total exports, and in Fiscal Year 2011 Ex-Im Bank authorized more than $600 million in financing, including $163 million for small businesses. According to the U.S. Chamber of Commerce, more than 190,000 New York jobs were supported by exports. However, only 1% of all U.S. businesses currently export.

"If New York wants to make a full economic recovery, more businesses need to start exporting," said Chairman Hochberg. "Exporting is one of the best kept secrets in the business community, and with 95% of the world's customers living outside the United States, it is vital that we encourage more American business owners to sell their products and services globally."    

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

WHEN:                      
Thursday, December 8th

TIME:
Event: 9:00 a.m. – 12:00 p.m.  

WHERE:
Federal Reserve Bank of New York
Conference Center 12th Floor
33 Liberty Street
New York, New York 10045

RSVP:
Press must RSVP for this event no later than 5:00 p.m. on December 7 by contacting Eric Pajonk, Federal Reserve Bank of New York, at [email protected]. 

SOURCE Export-Import Bank of the United States

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