US: Ex-Im bank touted for helping NYC

The Export-Import Bank of the United States, a government-backed financial institution that has become a flashpoint in legislative races across the country, provides a boost to the New York City economy and particularly to its small businesses, according to a new report by Comptroller Scott Stringer. Over the past seven years, the bank, which aids US exporters in part by lending money to enable foreign purchases of American products, generated $1.1 billion of support to 83 New York businesses, $900 million of which went to small businesses, Stringer's report found. That money was put toward approximately $3 billion in export sales. Minority- and women-owned businesses earned $48 million in sales thanks to the bank's loan programs. The figures are small compared with the metropolitan area's gross annual product of more than $1.3 trillion, but supporters say the Export-Import Bank steps in to enable exports that would not otherwise happen, according to crainsnewyork.com