Ex-IM loan, credit program on hold; Kentuckiana businesses could be impacted
LOUISVILLE, KY (WAVE) - Almost two dozen Kentucky and Indiana companies are wondering how much more help they can count on to expand their businesses overseas.
Congress has recessed for the Independence Day break without reauthorizing the Export-Import Bank, a self-funded federal agency that provides loans and guarantees by extending credit so overseas customers can buy American-made goods and services.
Most chapters of the U.S. Chamber of Commerce have been major supporters of Ex-Im, including Greater Louisville Inc (GLI). At least half a dozen Louisville businesses, including Brown-Forman Corporation, participate in the program. Ex-Im records show that Elizabethtown-based Accumetric, Inc., now a division of Belgium-based Soudal, has received more than $4.2 million in credit or loans; Louisville's Jordan Technologies, now a division of Texas-based Aeron has received $10.8 million and Stanford's Decoart, Inc. has received more than $5.6 million.
Senate Majority Leader Mitch McConnell once supported Ex-Im, but concedes he understands the claim that some consider it "corporate welfare."
"I'm not gonna prevent it from getting a vote," McConnell told a GLI luncheon gathering this week. "I do think the Ex-Im Bank has a number of supporters in the House and Senate to be passed, and will be on the path to be re-authorized later this summer."
WAVE 3 News has contacted program participants and supporters to determine whether this "lag time" or suspension of the program would impact pending
transactions or jobs for Kentuckiana companies.
Watch WAVE 3 News and check wave3.com for further updates on this developing story.
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