News

WASHINGTON, D.C.— Illinois small businesses will have an edge in selling their products and services in global markets due to a new partnership between the Illinois Global Partnership (IGP) and the Export-Import Bank of the United States (Ex-Im Bank). IGP today joined Ex-Im Bank's City-State Partners Program, a national marketing initiative that brings export financing to small and medium-sized U.S. companies through cooperation with state and local governments and private sector organizations.

The signing of the partnership agreement by Linda Conlin, a member of Ex-Im Bank's Board of Directors, and IGP Chief Operating Officer Richard Paullin, took place at an IGP seminar for small and medium-sized businesses in Rockford, Ill.: Leveraging Financial Strategies for Success in International Markets.

With the addition of IGP, a private-public partnership responsible for building the State of Illinois as a dynamic center for global business, Ex-Im Bank now has 45 city-state partners in 38 states, plus the Commonwealth of Puerto Rico.

Since 2002, Ex-Im Bank has helped 230 Illinois companies in 108 communities export nearly $1.5 billion in goods and services, said Ex-Im Bank's Conlin. Each of the companies we worked with had the opportunity to expand its workforce while reaching new markets. Our partnership with IGP will enable us to widen our reach and help many more Illinois small and medium-sized businesses grow and add jobs by exporting.

IGP can walk Illinois businesses through the process of applying for a wide range of Ex-Im Bank financing tools including working capital support, export credit insurance and loan guarantees for service companies that will enable them to better compete in growth markets abroad. Ex-Im Bank will provide all the support and resources IGP will need to work with local companies, including training and marketing materials at no cost. Ex-Im Bank also provides a network of lenders, insurance brokers, and other U.S. Government export resources, and one-on-one trade finance counseling.

Sponsoring the Rockford seminar with IGP are Charter One, RSM McGladrey, Coface North America, Trade Acceptance Group, Ltd., the Datamyne, Surge Capital, Rockford Chamber of Commerce, U.S. Export Assistance Center, and The International Trade Association of Greater Chicago.

Ex-Im Bank this year marks its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world. In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports. This represented 3,128 transactions, of which 2,617, or over 80%, directly benefited small businesses.