Why Manufacturers Need the Ex-Im Bank

The Ex-Im Bank, America’s official export credit agency, is a “powerful engine” of manufacturing in the U.S. and should be fully supported, Acutec Precision Aerospace President and CEO Elisabeth Smith wrote in a recent op-ed for South Carolina’s Post and Courier.

What’s going on: “Manufacturing is a critical component of South Carolina’s economy,” Smith wrote. “Over the past few decades, our state has transformed into a vibrant global aerospace hub, attracting tier-one original equipment manufacturers and fostering a thriving network of suppliers.”

• The Palmetto State’s manufacturing sector, in turn, spurs local economies and sustains families. But to fully capitalize on the industry’s potential, “small and medium-size manufacturers need the right tools to step confidently onto the world stage. This is where the Export-Import Bank steps in as an indispensable partner.”
• The NAM is a longtime champion of the Ex-Im Bank and supports its reauthorization; the bank’s authority to operate expires in December.
• In February, Sens. Kevin Cramer (R-ND) and Mark Warner (D-VA) introduced a bill to reauthorize the bank for 10 years.

How it helps: “ExIm fills critical financing gaps and reduces risks that private banks hesitate to take on,” Smith wrote.

• “By offering export credit insurance, working capital guarantees and loan guarantees, ExIm levels the playing field, allowing American ingenuity to compete fairly and win against heavily backed foreign conglomerates.”

What it’s done for Acutec: The bank has helped the family-owned Acutec Precision Aerospace “achieve an incredible milestone—25 years in business in St. Stephen. We’ve been able to grow our company, invest in advanced machinery and cutting-edge innovations and, most importantly, provide work and opportunity for many in our community.”

The last word: “Manufacturers depend on the Ex-Im Bank to maintain U.S. competitiveness and to level the playing field to win sales in overseas markets,” NAM President and CEO Jay Timmons wrote on X following the introduction of Cramer and Warner’s bill.

• Reauthorization “will give manufacturers—especially small and medium operators—much needed certainty for long-term projects.”