Meng Introduces Legislation to Increase Small Business Exports

U.S. Rep. Grace Meng (D-NY), the top Democrat on the House Small Business Subcommittee on Agriculture, Energy and Trade, introduced legation to assist small businesses that sell or seek to sell their products abroad.

The Increasing Small Business Exports Act would direct the Export-Import Bank (Ex-Im Bank) – the official export credit agency of the United States – to increase the amount of financing it dedicates to support small businesses that export U.S. goods to international markets, specifically expanding the amount from 20 to 25 percent.

Established in 1934, Ex-Im Bank provides U.S. government-backed loans to businesses that are unable to secure capital from private lenders. More than 85 percent of its transactions directly benefit American small businesses.

"Small businesses are the backbone of the economy and the prosperity of America is dependent upon their success," said Meng. "That's why government must do all it can to help entrepreneurs succeed, and boosting the amount that Ex-Im Bank dedicates to small businesses would go a long way towards accomplishing that important goal. It would help create jobs, stimulate our economy and allow businesses to better compete in foreign markets across the globe."

Meng's bill is cosponsored by Reps. Maxine Waters (D-CA), the Ranking Member on the House Financial Services Committee and Gwen Moore (D-WI), the Ranking Member on the panel's Subcommittee on Monetary Policy and Trade.

The legislation has been referred to the Financial Services Committee where is awaiting further action.