LYNCH MACHINERY IS ONE OF SOME 90 GEORGIA FIRMS THAT HAVE BENEFITED FROM THE FINANCING PROGRAMS OF THE EXPORT-IMPORT BANK IN WASHINGTON D.C., MARIA HALEY, A MEMBER OF THE BOARD OF DIRECTORS OF THE BANK, TOLD GLOBALFAX ON APRIL 17.
IN THE LAST FEW YEARS THE FOCUS OF THE BANK HAS SHIFTED FROM LARGE CORPORATIONS LIKE BOEING TO SMALL BUSINESSES, GENERALLY DEFINED AS HAVING FEWER THAN 500 EMPLOYEES, SHE SAID. “NOW, SMALL BUSINESSES ACCOUNT FOR 80% OF ALL EX-IM BANK TRANSACTIONS.”
THE DAY BEFORE MS. HALEY’S VISIT, THE EX-IM BANK’S BOARD OF DIRECTORS EMPHASIZED IT’S INTEREST IN SMALL AND MEDIUM BUSINESSES BY AUTHORIZING THE EXPORT FINANCE AGENCIES OF SIX STATES, INCLUDING GEORGIA, TO COMMIT FEDERAL FINANCING OF UP TO 45% OF ELIGIBLE WORKING CAPITAL LOANS TO SMALLER COMPANIES THAT NEED CAPITAL TO EXPORT.
IN THE CASE OF LYNCH, THE BANK GUARANTEED A $5 MILLION WORKING CAPITAL LOAN THAT THE BAINBRIDGE-BASED COMPANY RECEIVED THROUGH THE TRUST COMPANY BANK OF GEORGIA. THE LOAN ALLOWED THE COMPANY TO FILL AN ORDER FROM CHINA FOR $14 MILLION WORTH OF GLASS PRESSES FOR MANUFACTURING HIGH DENSITY TELEVISION SCREENS, SAID MS. HALEY, ADDING THAT THIS SALE ALSO ENABLED THE COMPANY TO INCREASE ITS WORK FORCE FROM 76 TO 120 EMPLOYEES.
“THE CREATION AND MAINTENANCE OF EXPORT-RELATED JOBS IS ONE OF THE OBJECTIVES OF THE EX-IM BANK,” ADDED MS. HALEY, WHO WAS IN ATLANTA TO SPEAK AT THE WOMAN OF THE YEAR AWARD DINNER FOR THE ATLANTA WOMEN IN INTERNATIONAL TRADE (AWIT). THE RECIPIENT OF THIS YEAR’S AWARD IS JUDIE HOCKMAN, EXPORT MANAGER OF USA CARGO & TRAVEL SERVICES.
DURING MS. HALEY’S STAY, SHE ALSO MET WITH OFFICIALS AT THE GEORGIA DEPARTMENT OF INDUSTRY, TRADE AND TOURISM, WHICH ADMINISTERS EX-IM BANK PROGRAMS THROUGH THE U.S. EXPORT ASSISTANCE CENTER.
FOR MORE INFORMATION CALL SUSANNE KEOUGH OR JEAN PRASHER AT THE EXPORT ASSISTANCE CENTER AT (404) 657-1900.