EXIM Director Owen Herrnstadt Visits Wisconsin to Highlight EXIM’s Make More in America Initiative
Madison, Wisconsin – Export-Import Bank of the United States (EXIM) Member of the Board of Directors Owen Herrnstadt recently traveled to Wisconsin to meet with state and local leaders, tech companies, and manufacturers to highlight EXIM’s Make More in America (MMIA), a domestic manufacturing finance initiative.
“MMIA is a critical initiative to provide financing for domestic manufacturers, support U.S. workers and bring supply chains home,” said Director Owen Herrnstadt. “We want to make sure that public sector leaders and private sector companies in Wisconsin and throughout our country are aware of this important new initiative and its eligibility requirements.”
During his visit to Wisconsin, Director Herrnstadt held meetings with Madison Mayor Satya Rhodes-Conway and Deputy Mayor Sam Munger, and representatives from Governor Tony Evers’ office, where he discussed EXIM’s work to support Wisconsin exporters and workers, and how the agency’s financing tools can support company’s looking to grow and expand their domestic manufacturing capabilities. Director Herrnstadt also spoke to a UW-Madison international economics class on the importance of EXIM tools in leveling the playing field for U.S. companies and workers in the global economy.
While in Madison, Director Herrnstadt led a discussion at a Game Changer exporter roundtable, hosted by the Wisconsin Economic Development Corporation, where he had a productive dialogue with local trade associations and companies about how businesses and workers can benefit from EXIM financing tools, including EXIM’s Make More in America Initiative and its financing requirements.
Director Herrnstadt finished his visit by meeting with Aquatech Executive Chairman Venkee Sharma, where he participated in a tour of the company’s Hartland location. EXIM’s Board of Directors recently approved its first ever term financing for domestic manufacturing under the Make More in America initiative by authorizing a $4.7 million-dollar direct loan to Aquatech, a small, minority owned business based in Canonsburg, Pennsylvania. EXIM financing will support the purchase of services and laboratory equipment to modernize and expand Aquatech’s existing Applied Testing & Development Laboratories supporting additional U.S. jobs.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated about $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.