Print Friendly and PDF

Export-Import Bank opens regional office in Detroit’s Techtown

From the Detroit Free Press

January 28, 2013

By Zlati Meyer

The Export-Import Bank of the United States has opened a regional office in Techtown, the bank announced this morning.

The expert finance center, one of 11 around the country, is designed to help local businesses of all sizes export their products to oversees markets.

“This is an area that makes things sold around the world,” Ex-Im Bank chairman and president Fred Hochberg said at the Detroit Regional Chamber’s Global Access Forum in downtown Detroit, adding that in Michigan, 30% of the companies the banks work with are small businesses, as opposed to the 20% nationwide.

Helping Michigan companies reach out to overseas buyers is expected to translate into millions of dollars and many new jobs. The bank, an independent federal agency, helps companies with working capital guarantees, expert-credit insurance and financing to help those overseas buy American products and services.

Gov. Rick Snyder, who attended the conference, recalled that when he was running a business, he found getting letters of credit “not an easy exercise.”

Every $1 billion of exports translates into 7,000 new jobs, according to U.S. Sen. Debbie Stabenow (D-MI).

“We want to export out products, not our jobs,” she said.

Contact Zlati Meyer: 313-223-4439 or Follow her on Twitter @ZlatiMeyer