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Business & Economy
Thu March 22, 2012
Support for Export-Import Bank
A North Carolina business is calling on the U-S Senate to stop its partisan bickering and re-authorize the Export-Import Bank of the United States.
Leoneda Inge: The Export-Import Bank is an independent federal agency that helps US companies secure loans and a line of credit when doing business abroad. But the US Senate voted along party lines this week and failed to renew the bank’s authorization and increase its financing cap. John Bakane is CEO of Frontier Spinning Mills in Sanford. He says the Ex-Im Bank has helped them grow exports to 80-percent of their business.
John Bakane: Now, Ex-Im Bank has added real value to our business and has allowed us to stabilize our working capital financing at a time when banks and factors had deserted our industry.
Bakane joined Democratic Senator Kay Hagan on a conference call yesterday supporting re-authorization. Republicans say they support the bank but voted “no” because Democrats tried to attach other provisions to the bill.