Los Angeles small and medium-sized businesses seeking to grow by competing in global markets will have easier access to financing through a new partnership agreement signed by the Los Angeles Area Chamber of Commerce and US Ex-Im Bank.
The LA Area Chamber has joined Ex-Im Bank’s City-State Partners Program, a nationwide marketing initiative that brings state and local government offices and private-sector organisations into partnerships with US Ex-Im to expand export opportunities.
“Ex-Im Bank’s new partnership with the Los Angeles Chamber will help us get the word out to more area companies that we have the financing tools to help them reach their export potential,” says John Emens, Ex-Im senior vice-president, small business, who signed the agreement on behalf of Ex-Im at the LA Area Chamber’s headquarters. “We already are active in California, but we want to widen our reach to the many small companies that still are unaware of our services.”
“The Los Angeles Area Chamber of Commerce is committed to meeting the needs of small and growing businesses,” says Gary Toebben, president and CEO, LA Area Chamber. “We look forward to building a successful partnership with Ex-Im Bank to further promote exports from the Los Angeles region and offer additional financing and marketing services to increase export opportunities.”
As an Ex-Im Bank City/State Partner, the LA Area Chamber can help local businesses learn about and apply for a range of Ex-Im Bank financing products, including short-term export-credit insurance to mitigate the risk of foreign buyer non-payment, loan guarantees to increase export-related working capital, and medium-term financing for foreign buyers.
With the addition of the LA Area Chamber, Ex-Im has 46 City/State Partners in 36 states and the Commonwealth of Puerto Rico.
Since 1888, the LA Area Chamber has worked to improve the economy and quality of life of the Los Angeles region, including support for local businesses, ports, airports, water and transit systems, schools, air quality and health care. The centre’s services include offering companies global trade education and training, market analysis and assistance in developing export strategies.