MECHANIC FALLS — Sen. Angus King has been visiting businesses in Mechanic Falls and New Gloucester pushing support of the Export-Import Bank of the United States.
On Tuesday, King toured Auburn Manufacturing Inc. in Mechanic Falls — a textile manufacturer for high temperature applications and Planson International Corp. — a New Gloucester Internet technology provider.
There he called on Congress to reauthorize the Export-Import Bank of the United States, the nation’s official export credit agency and a key export tool that helps Maine companies sell their products in international markets.
“Imagine a government agency that returns a profit to the Treasury, helps American manufacturers sell their products abroad and helps create jobs,” King said. “That’s the Export-Import Bank.”
According to King, Congress has until Sept. 30 to renew the charter for the bank that finances American exports that other banks cannot or will not traditionally finance.
King said, “And for some reason that I absolutely cannot understand, there are people in Washington who want to put it out of business after about 80 years of successfully helping American businesses across the country.”
According to a release from King, since 2007 the Export-Import Bank has supported more than $264 million in exports from 13 companies in 12 communities in Maine and nationally has supported nearly $189 billion in exports over the last five years.
AMI President Kathie Leonard said, “The Export-Import Bank is especially important to small and medium-sized businesses, which account for nearly 90 percent of the bank’s transactions.”
“Our company, Auburn Manufacturing Inc., is one of those,” Leonard said, “Insuring our export shipments with Ex-Im allows us to provide the same payment terms to our export customers as we do for our domestic customers.”
Leonard said the result is more export business for us at a low administrative cost.
King’s office said the Export-Import Bank, which is self-supported through interest payment and fees, turns a profit for the American taxpayers, having transferred $1 billion in revenue to the U.S. Treasury in 2013.
King said language to extend the bank’s authority has been approved by Congress more than 40 times.
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- Sen. Angus King, I-Maine, foreground, tours Auburn Manufacuring in Mechanic Falls on Tuesday.
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