The Stamford Chamber of Commerce has entered into partnership with the Export-Import Bank of the United States to enable small and medium-sized businesses build profitability and jobs by competing in the global marketplace.
Stamford Chamber’s Paul B. Edelberg, an attorney with Murtha Cullina LLP, and Ex-Im Bank Board Director Diane Farrell signed the agreement making the chamber a member the bank’s City/State Partners Initiative.Â
The Connecticut Development Authority, the state’s quasi-public business financing arm, also recently joined the program.
Farrell credited the Middletown U.S. Export Assistance Center in raising local inter-agency and small business awareness, and helping to jump-start the two new Connecticut-Ex-Im Bank partnerships.
As a member of the Initiative, the chamber can help Stamford businesses learn about and apply for a range of Ex-Im Bank financing products, such as short-term export-credit insurance to mitigate the risk of foreign buyer nonpayment; loan guarantees to increase export-related working capital; and medium-term financing for foreign buyers.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness.Â
Ex-Im Bank has helped Connecticut companies export $12 billion of goods and services so far in the fiscal year that began Oct. 1, and $205.6 billion for all of fiscal 2010 that ended Sept. 30.
In the Stamford area, the bank supported $1.9 billion in exports so far in fiscal 2011 and $122.8 billion for all of fiscal 2010.
