Congressman Dold Statement on the Export-Import Bank’s Financing for 10th District Small Businesses

From the office of Rep. Robert Dold (Ill., 10th District)…

Congressman Dold issued the following statement after the Export-Import Bank released its October numbers:

“One of the major problems facing business owners today is the lack of access to capital. Without financing, businesses are not able to expand and, in turn, create new jobs. The Export-Import Bank continues to play a vital role in helping small businesses grow and invest in exports. This ensures that local businesses right here in the 10th District are able to remain competitive in the global marketplace and create jobs here at home. In October, the Export-Import Bank extended over $5.3 million in credit to businesses in Illinois’ 10th District. This funding is great news for our local communities.”

Background Information:

  • The Export-Import Bank has received broad, bipartisan support in Congress.
  • The Bank helps to facilitate private-sector jobs by ensuring that our domestic exporters and their customers have access to credit facilities — all at no taxpayer expense, with close oversight, and with transparency.
  • Helping American small businesses access competitive global markets is one of the Export-Import Bank’s central objectives. By leveling the playing field with foreign competitors who receive export-credit support from their own governments, the Bank helps our own businesses compete and create meaningful and reliable jobs right here at home.
  • Small businesses can apply directly to the Bank for assistance.
  • In October 2011 alone, the Bank provided $5,350,682.33 of financing to small businesses in the Illinois 10th District. Those businesses included Bell Flavors and Fragrances in Northbrook, Damiano and Graham in Glenview, M. Holland Company in Northbrook, Profile Products in Buffalo Grove, RathGibson Holding Co. in Lincolnshire, Tool King in Wheeling, U K Abrasives in Northbrook, and V-S Industries in Wheeling.

Rep. Dold on Job Creation:

  • As Vice-Chairman of the Financial Services Subcommittee on International Monetary Policy and Trade, Rep. Dold is the lead cosponsor of H.R. 2072, the Securing American Jobs Through Exports Act, and continues to work to secure bipartisan support for this important legislation that funds the Export-Import Bank.
  • Rep. Dold is an original cosponsor for H.R. 1834, the bipartisan Freedom to Invest Act. This bill encourages businesses to invest here in America, rather than keeping overseas earnings abroad.
  • Rep. Dold is the first freshman member to pass a bill, HR. 830, the FHA Refinance Program Termination Act. This bill received bipartisan support and would save the taxpayer $8.12 billion by ending an ineffective and wasteful program.
  • Rep. Dold introduced HR. 1719, the Free Sugar Act, a bipartisan bill that would help to create jobs and lower the cost of sugar for American families.
  • Rep. Dold has created a Jobs Task Force to find ways to help get Illinois’ 10th District back to work.
  • In April, Rep. Dold held a job fair in Palatine and another job fair in Lake Forest in August.
  • Rep. Dold helped to champion the trade agreements with Colombia, Panama, and South Korea in the House, which the President supported and estimated that 250,000 new jobs will be created by their passage.
  • Rep. Dold supported the extension of the payroll tax holiday and introduced his own legislation, H.R. 2868, the Unemployed Workers Hiring Act of 2011, which would extend the payroll tax holiday for those businesses that hire unemployed workers.

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