Quigley: Export-Import Bank Supports Jobs, Small Businesses

Tours IL-05 Small Business with Head of Ex-Im Bank

CHICAGO – Yesterday, U.S. Representative Mike Quigley (IL-05) and Export-Import Bank of the United States (Ex-Im Bank) Chairman Fred Hochberg visited Ex-Im customer Summit Industries Inc., a small business located in Illinois' fifth district. Rep. Quigley and Chairman Hochberg met with Summit Industries leadership and toured the facility to learn about the business and how the Ex-Im Bank has helped Summit Industries grow their export business, creating jobs in Illinois' fifth district.

"The Ex-Im Bank grows our economy and levels the playing field for American companies to compete in a global marketplace. Just last year, the Bank supported $27.5 billion in U.S. exports and approximately 164,000 jobs," said Rep. Quigley. "Since 2007, nearly 85 percent of the exporters the Bank has supported in Illinois' fifth district have been small businesses like Summit Industries. The financing Ex-Im bank offers these small businesses is critical to their success and the jobs they support. I'm a proud cosponsor of the Promoting U.S. Jobs Through Exports Act and look forward to continuing my work with Chairman Hochberg to help grow Chicago small businesses and create jobs."

"We're proud to support Illinois small business manufacturers like Summit that make use of Ex-Im financing to grow globally and support more quality jobs here at home," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Exports don't just create jobs—they increase average wages and drive America's economic growth, and we want to ensure that every U.S. small business that wants to export has access to the financing resources it needs to be a part of America's global success."

"Summit Industries was delighted to host a visit by Fred Hochberg, Chairman of the Export-Import Bank, and U.S. Congressman Mike Quigley," said Tom Boon, President of Summit Industries. "The Ex-Im Bank has been a valuable asset in assisting Summit with our sales in South America and in protecting our account receivable using their Credit Insurance. In addition, the support from Congressman Quigley for the Ex-Im Bank clearly demonstrates his commitment for growing export sales of businesses in the Greater Chicago area."

Rep. Quigley co-sponsored H.R. 1031, the Promoting U.S. Jobs Through Exports Act. This bill would re-authorize the Ex-Im Bank for an additional seven years. Rep. Quigley is also a member of the New Democrat Coalition, a group of congressional lawmakers that supports our nation's manufacturers with policies that foster growth, innovation and entrepreneurship. He is committed to efforts that educate and prepare our workforce for the high-skill jobs of the future that will keep the United States competitive in a global economy.

The Export-Import Bank of the United States is an independent federal agency that acts as the official export credit agency of the United States. It does this through financing and insuring the exports of American goods and services, with a mission to create and sustain American jobs. The Export-Import Bank is also self-sustaining and returned almost $700 million to the Treasury last year. Established by President Franklin D. Roosevelt as a New Deal program in 1934, the bank now operates under a renewable charter through the Export-Import Bank Act of 1945. Since 1945, Congress has renewed Ex-Im Bank's authority many times; most recently in 2014. The authorization is set to expire on June 30, 2015 without congressional action.

Summit Industries is a privately held, Chicago, Illinois based manufacturer and marketer of diagnostic radiographic equipment for the worldwide medical, veterinary and chiropractic markets. The company's brands have dominant market share in the veterinary and chiropractic markets in the United States and are used worldwide in medical practices including hospitals, diagnostic imaging centers, orthopedic surgeons and physician groups. With an installed base of over 20,000 machines, Summit's end users perform nearly 50 million x-ray procedures annually.

###