GNO, Inc. Releases Coalition Letter in Support of Export-Import Bank
Caitlin Berni | email@example.com | Published on June 25, 2014
NEW ORLEANS — Today, Greater New Orleans, Inc. (GNO, Inc.) released a letter signed by business organizations across Louisiana to the Louisiana Congressional delegation in support of reauthorization of the Export-Import Bank (Ex-Im). Ex-Im provides loans, loan guarantees, and export credit insurance to help cover financing gaps for American exporters. Without action from Congress, the bank’s charter will expire September 30.
“Louisiana is the number one state in the USA for exports per capita,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. “While this ranking is driven by Louisiana’s strong business climate and logistic advantages, it is also dependent upon the Export-Import Bank. Reauthorization of Ex-Im is a critical action Congress must take to ensure continued export growth and job creation in Louisiana.”
“Ex-Im supports robust investment and job creation at no additional cost to taxpayers for 160 Louisiana businesses,” said Gregory Rusovich, CEO of Transoceanic Development. “The U.S. must level the playing field with fierce global competition, and Ex-Im provides a crucial tool for our exporters to win on the global stage. Congress must re authorize Ex-Im and further put our global competitors on their heels.”
“Many factors have contributed to Louisiana’s impressive economic growth in recent years, but chief among them is the state’s robust export economy,” said Stephen Waguespack, President of Louisiana Association of Business and Industry. “In the face of national economic headwinds, Louisiana has propped up its economy through international trade. However, our state’s economy may not stay healthy unless Congress takes action to promote international trade, including reauthorizing Ex-Im.”
An excerpt from the letter states the breadth of Ex-Im’s impact in Louisiana: “The importance of Ex-Im in Louisiana cannot be understated. Since 2007, Ex-Im has supported over $1 billion in Louisiana exports. Nearly 160 Louisiana businesses, including 97 small businesses, have benefitted from Ex-Im loans. These businesses represent a broad range of industries, including oil and gas companies, agriculture companies, and technology companies.” The full letter can be viewed here.
The House Financial Services Committee will hold a hearing on reauthorization of Ex-Im later today.
GNO, Inc. also joined over 850 businesses and business organizations nationwide to sign on to a letter organized by the US chamber of commerce and national association of manufacturers. A copy of the letter can be found here.
About Greater New Orleans, Inc.
GNO, Inc. is the regional economic development organization, serving to coordinate, consolidate, and catalyze economic development activity. The GNO, Inc. Mission is to create jobs and wealth in the Greater New Orleans community. The GNO, Inc. Vision is for the Greater New Orleans region to fulfill its potential as one of the best places in the country to grow a company, and raise a family.
More information can be found at www.gnoinc.org