Small businesses that want to export their products got a boost from Congress on Tuesday, when the House unanimously approved a bill to reauthorize and reform the U.S. Export-Import Bank.
The legislation—H.R. 5068—which must now make its way through the Senate, was sponsored by Rep. Deborah Pryce (R-OH) and calls for a permanent small-business division to be created within the Ex-Im Bank. Further, the bill authorizes, within the small business division, an office to assist socially and economically disadvantaged small businesses and those owned by women.
The legislation also includes provisions authored by co-sponsor Rep. Donald Manzullo (R-Ill.) that gives the bank’s small business division more “teeth,” according to a statement from Manzullo’s office. Essentially, Manzullo’s provisions provide for small business specialists within each division, which reportedly will expedite loan processing.
Created by Congress in 1934, the Ex-Im Bank provides loans, loan guarantees, and insurance to support U.S. exports, and its authorization is set to expire on September 30.
Earlier this year, a Government Accountability Office study concluded that the Ex-Im Bank has consistently missed its statutory 20 percent set aside mandate for small business since Congress increased the appropriation in 2002, Manzullo’s statement.