SHAHEEN: EXPORTS CRITICAL TO PROMOTING ECONOMIC GROWTH, JOB CREATION
At Boyle Energy Services & Technology in Concord, Shaheen highlights importance of reauthorizing the Export-Import BankApril 02, 2015
(CONCORD, NH) – Yesterday, U.S. Senator Jeanne Shaheen (D-NH) visited Boyle Energy Services & Technology to discuss the importance of promoting exports for New Hampshire’s economy and job creation. Shaheen discussed her legislation, the Promoting U.S. Jobs through Exports Act of 2015, which would provide long-term certainty for small businesses by extending the Export-Import Bank through 2022, continuing the bank’s ability to provide businesses with tools they need to compete in the global marketplace, and create American jobs.
“We have to find common-sense ways to strengthen the American economy, and exporting is a tremendous opportunity for small businesses to grow their companies and reach new markets,” Shaheen said. “The Export-Import Bank has successfully helped many businesses in New Hampshire and across the country tap into new markets and reach customers abroad. Boyle Energy’s success is a perfect example of why we need to continue promoting exports.”
Boyle Energy Services & Technology provides patented-commissioning services to new power facilities around the world. By sharing their technology in Asia, India, the Middle East, and throughout the Americas, Boyle Energy is able to dramatically impact sustainable operations, saving valuable resources such as fuel and water, in addition to time. With support from Export-Import Bank, Boyle Energy has been able to compete internationally through advanced lines of credit, enhanced project guarantees, and the insurance of favorable customer terms. Boyle Energy is able to significantly invest in projects, people, and equipment to bring its innovation to unique foreign markets on five continents, due to Export-Import Bank.
“The Ex-Im Bank has supported Boyle Energy for nearly 10 years, allowing us to bring U.S. technology aboard and have a positive impact on projects and global resources.” said Boyle Energy Services & Technology President and CEO Mike Boyle. “To my knowledge, there isn’t another credit agency available to small businesses that would allow Boyle Energy to receive the level of credit available in meeting our clients’ ever-increasing needs.”
In addition to extending the Export-Import Bank for seven years, the Promoting U.S. Jobs through Exports Act of 2015 would increase the Bank’s lending cap by $20 billion over that period, contingent on the Bank’s default rate remaining below two percent. It would also increase the Bank’s loans to small businesses by five percent. As a member of the Senate Committee on Small Business, Shaheen has consistently worked to aid small companies in reaching foreign customers and has been a strong support of the Export-Import Bank helping secure its reauthorization in 2012.
In 2011 alone, the Export-Import Bank supported an estimated 288,000 American jobs at more than 3,600 U.S. companies and facilitated $41 billion in exports. The bank pays for itself through the fees it collects and is projected to actually reduce the federal deficit by $900 million over five years, according to the non-partisan Congressional Budget Office.
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