EXIM support for veteran-owned small businesses highlighted

Press release

WASHINGTON — Export-Import Bank of the United States Chairman Kimberly A. Reed Wednesday highlighted EXIM’s work as it relates to supporting veteran-owned businesses.

“Our nation’s veterans have contributed and sacrificed so much in defense of our country, and I want these great heroes to know that EXIM has a variety of tools to support their businesses and expand their sales beyond our borders,” Reed said. “As was underscored in EXIM’s historic Congressional reauthorization signed into law by President Trump on Dec. 20, 2019, veteran-owned small businesses play an important role in supporting and providing American jobs, and EXIM will assist these veterans as they think about exporting high-quality ‘Made in the USA’ goods and services around the globe. As we mark this important day, I also want to recognize and thank EXIM Board Member and veteran Spencer Bachus for his leadership on veteran and small business issues at EXIM.”

EXIM’s 2019 reauthorization directs the agency to educate veteran-owned small businesses about how to exports goods using the agency. EXIM has a team dedicated to supporting and collaborating with veteran-owned businesses and EXIM can empower veteran-owned businesses to grow by providing the financial tools to win sales worldwide. EXIM supports veteran-owned businesses through several ways including protection from nonpayment through export credit insurance, which covers commercial and political non-payment risks, extensions of credit, and working capital loan guarantees.

“I have used EXIM for 23 years, and it is the single-most-important decision I have made in international business,” said Craig Carson, owner and CEO, Jeco Plastic Products LLC. “EXIM credit insurance provides protection for small businesses to avoid non-payment issues in foreign markets, and the EXIM working capital loan guarantee provides cash to support extended payment terms common in many foreign markets. It has saved me from significant financial difficulties, and it would be an enormous oversight not to use this wonderful service.”

Jeco Plastic Products was established in 1973 in Plainfield, Indiana, and their high-tolerance custom products have been sold on every continent. Jeco Plastics makes products for foreign and domestic customers in the printing, automotive, aerospace and defense industries.

Recently, EXIM staff have participated in events in support of veteran-owned businesses including the National Veteran Business Development Council’s Corporate Veterans in Supplier Diversity Panel — the largest collection of corporations and certified veteran business owners in one location — as well as a webinar event with LiftFund and the U.S. Small Business Administration to discuss financial strategies for women veteran entrepreneurs.

Additionally, Veterans Day 2020, a member of EXIM’s staff was to attend a webinar exclusively for Hispanic veteran-owned businesses featuring the U.S. Hispanic Chamber of Commerce, the New Jersey Veterans Chamber of Commerce, and the San Antonio Hispanic Chamber of Commerce, and, today, a staff member was to be speaking at the Veterans Institute for Procurement.

Reed also announced EXIM’s partnership with Department of Defense’s SkillBridge Program to give U.S. military service members additional job experience opportunities at EXIM for post-military careers.