CLIFTON – Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) was joined by New Jersey Chamber of Commerce President Thomas Bracken at DriTac Flooring Products, Inc., a manufacturing facility in Clifton, to outline legislation that will reauthorize the Export-Import Bank of the United States (Ex-Im Bank), whose charter is set to expire in September. DriTac received assistance from the Ex-Im Bank, which provides U.S. businesses with the financing they need to sell their goods all over the world and create jobs here at home.
“With all we know about how important the Export-Import Bank is to creating jobs and boosting American manufacturing at local businesses like DriTac, it’s simply inexplicable that my friends on the other side of the aisle are willing to let it expire,” said Rep. Pascrell. “Reckless behavior like that not only risks our economic recovery, but it will put over 200,000 jobs at risk, and amounts to a unilateral disarmament in the international economic arena. There’s still time to do the right thing before September 30th and I hope we can all come to our senses and join together in putting the American people first.”
“By making loans to American exporters the Export-Import Bank is helping to provide a level playing field for American manufacturing and spurring job creation, without adding to the deficit,” said Thomas A. Bracken, President & CEO of the New Jersey Chamber of Commerce. “Reauthorizing the Export Import Bank is critical in helping more than 200 New Jersey businesses like DriTac sell over $4 billion worth of goods all over the world while supporting job creation here in the Garden State.”
The Ex-Im Bank is an independent federal government agency and official export credit agency (ECA) of the United States. It operates under a renewable charter and helps finance U.S. exports of manufactured goods and services. The Bank plays a critical role in helping US manufacturers compete with other foreign countries’ generous, government-backed export credit financing.
Since 2007, the Ex-Im Bank has helped support $4 billion in exports from 219 exporters in New Jersey. In the 9th District, it has supported $281 million, including $373,424 for DriTac Flooring Products to export adhesives manufactured in Clifton to customers in China and India.
“With proven success and a track record for supporting American companies, the continuation of the Export-Import Bank is vital for us and the overall success of U.S. manufacturers abroad,” said Yale Block, President of DriTac Flooring Products, Inc. “The Ex-Im Bank is one of the few highly successful tools we have when competing against foreign manufacturers, and we need it to reach our goals and continue to grow our business. To help protect local jobs now and in the future, it is important to renew the charter of the Ex-Im Bank.”
The Ex-Im Bank was last reauthorized in the 112th Congress, and its charter will expire on September 30, 2014. If Congress takes no action and the charter expires, no new commitments could be approved, putting 205,000 jobs at risk.
Rep. Pascrell is an original cosponsor, along with over 200 House Democrats, of the Protect American Jobs and Exports Act of 2014, which will extend the Ex-Im bank’s authorization for 7 years and raises the lending cap by $5 billion each year (for a total of $175 billion).
In FY2013, Ex-Im Bank approved 3,842 transactions, which amounted to $27.3 billion in commitments, estimated by Ex-Im Bank to support $37.4 billion in U.S. exports of goods and services. Ex-Im Bank returned $1.1 billion to the U.S. Treasury in FY2013, and its overall default rate as of March 31, 2014, was 0.211%.
For the past 57 years, DriTac Flooring Products, Inc. has been manufacturing some of the best adhesive products in the country for flooring and leather goods, supplying top names like Coach and Michael Kors, and flooring adhesives that have been used in Trump Towers and the Basketball Hall of Fame. Thanks in part to support from the Export-Import Bank, they’ve been able to expand that market presence across the globe, selling to customers in China, India and beyond. Located in Clifton, NJ, DriTac is currently undergoing a $2 million expansion of their facility to accommodate the growing demand for their American made, eco-friendly products. To learn more, visit www.dritac.com, and www.basicadhesivesleather.com.