Fred Hochberg, chairman and president of the beleaguered U.S. Export-Import Bank, is touring China this week to encourage the purchase of “made-in-America” goods and services by Chinese businesses.
The bank is currently financing more than $1.8 billion in U.S. exports to China — an amount that's nearly doubled since 2009.
”As the world’s second largest economy, and the third largest importer of U.S. goods, China represents an incredible opportunity for U.S small businesses,” Hochberg said. “Both through direct sales to China and supplying larger U.S. exporters, American small businesses, with the help of Ex-Im Bank are competing on a more level playing field while expanding their exports to China and creating jobs in the United States.”
Ex-Im Bank doesn’t compete with private banks or lenders, but has played a significant role in opening China’s market to U.S. small businesses through its loan-guarantee and trade-credit-insurance programs. “That’s because, often times, small business exporters have shipments that are too small for commercial banks to deem worth their time,” the bank explained.