Ex-Im Lapse Leaves Humanitarian Efforts for Small Manufacturer in a Lurch
International Green Structures President and CEO, Richard China, uses Bank to help finance affordable housing projects in developing countries
The U.S. Export-Import (Ex-Im) Bank is a critical tool for trade for manufacturers of all sizes and missions. Some argue the Ex-Im’s lapse on June 30 will not have an immediate effect on U.S. businesses. Talk to Richard “Rick” China, President of small manufacturer and Ex-Im user International Green Structures, and he will offer a different story.
Headquartered in Maryland, with a manufacturing plant in Texas, IGS builds sustainable materials that go into structures including affordable houses for low income populations in developing countries. IGS uses the Ex-Im Bank’s export credit insurance to help back contracts for these housing projects. Since Congress let the Bank lapse on June 30 and left Washington for the August recess without passing a reauthorization, China says his most current project — a contract to build housing in Kano, Nigeria, remains in a “holding pattern” until the Bank can fulfill pending and new orders again.
After the Bank’s lapse, Rick stopped by the NAM offices to share his story on how the Bank has enabled his company continue to expand overseas and work to solve a serious, global housing crises. Watch Rick’s testimonial:
IGS not alone, there are businesses across the country with stories just as compelling, who are suffering due to the Bank’s lapse. Since the Bank’s lapse, businesses large and small have been reaching out, sharing their disbelief that Congress could go home without reauthorizing the Ex-Im Bank, while simultaneously invigorated to make clear to their lawmakers over the next few weeks of the job Congress needs to do when it reconvenes in the fall.
Find more Ex-Im stories and take action by visiting www.nam.org/Ex-Im.