ST. PAUL, Minn. (AP) - Business leaders and legislators say closing the 81-year-old Export-Import Bank will hurt Minnesota companies.
The bank’s charter is set to expire Tuesday after Congress failed to reauthorize the little-known federal agency. The bank, created during the Depression, makes and guarantees loans to help overseas buyers purchase U.S. products - from airplanes to baby clothes.
Minnesota Public Radio News (https://bit.ly/1FNhn8f ) says that since 2007 the bank has supported more than 200 Minnesota businesses, including 3M, and helped create $3 billion in state exports.
Nortech Systems, of Wayzata, has used the bank to insure foreign receivables. CEO Rich Wasielewski says large companies need the bank to compete in the global market. He says companies in other countries have that type of insurance and support from their governments.
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Information from: Minnesota Public Radio News, https://www.mprnews.org
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