Engel Announces $388,857 in NY-16 Exports Financed by the Export-Import Bank in July

Engel Announces $388,857 in NY-16 Exports Financed by the Export-Import Bank in July

Written By: Deprecated User

WASHINGTON, DC — Congressman Eliot L. Engel, a top member of the House Energy and Commerce Committee, today announced the Export-Import Bank has financed $388,857 in exports for small businesses in New York’s 16th Congressional District during the month of July. The Export-Import bank helps American businesses insure international sales, finance foreign purchases of American products, and generate the working capital needed to expand into new markets outside the U.S. 

“Ex-Im Bank financing, while continuing to help small businesses in my district, remains hamstrung for large export sales over $10 million by a lack of quorum on the Bank’s board,” Engel said. “Nominees for the Bank’s board are languishing in the Senate, as a small number of Senate hard-liners who oppose the Bank continue to hold up any appointments. This behavior is hurting many U.S. exporters and workers, because U.S. banks are leery of financing cross-border transactions without Ex-Im Bank loan guarantees. Senate Republicans need to stop playing politics and start helping our small business community.”

The following NY-16 businesses were helped by Ex-Im Bank financing in July:

CityExporterSmall BusinessAmount
RyeSteelsource International, Inc$89,309.74
YonkersCrestwood Technology Group$96,053.22
YonkersGraphite Metallizing Corporation$203,494.72
Grand Total  $388,857.68