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W W W. M A I N E B I Z . B I Z 13 N OV E M B E R 2 5 , 2 0 1 9 MEMBER FDIC EQUAL HOUSING LENDER Growing a business? TALK TO A NEIGHBOR. 1-800-447-4559 | bathsavings.com You had the vision to build something meaningful in the community. We have the experience to help it grow. Custom lending solutions are here for you — and so are we. Let's talk. Mara Pennell Vice President, Commercial Lending Rob Tod Founder, Allagash Brewing Export-Import Bank changes expected to help boost Maine businesses B y M a u r e e n M i l l i k e n M aine businesses that sell products internation- ally should get a boost from a reauthorization of the Export-Import Bank of the United States, which was approved by the U.S. House of Representatives. The legislation, the U.S. Finance Export Agency Act of 2019, adds rule changes that will release a logjam of $40 billion in unapproved transactions, as well as increase the amount the bank can lend exporters. It still needs to be approved by the Senate, U.S. Rep. Jared Golden, D-Maine 2nd District, said in a news release. Maine already exports goods valued at $36 million. The bank, commonly known as EXIM, helps fill gaps in private financing for American goods and services that are sold abroad. It uses loan guarantees, insur- ance, access to capital and buyer financing to help American businesses better compete with foreign ones that are often subsidized. Impact on Maine In Maine, 15 businesses have been supported by EXIM since 2014. Of those, 14 are classified as small business by the bank; two are minority-owned and two are women-owned, according to the bank's website. The top destinations for Maine products are the United Kingdom, Germany and Mexico. Top industries are chemical manufacturing and sales, other miscel- laneous manufacturing sales, non-capital equipment, and textile mill products and sales. "From large employers like GE to small family- owned businesses, Maine manufacturers need tools to help them compete, succeed in today's global mar- ketplace, and provide more good jobs to Mainers," Eric Anderson, plant manager at GE Power, said. Mechanic Falls-based Auburn Manufacturing, which manufactures protective textiles used for firefighting equipment and other equipment, has depended on EXIM. "My company has benefited greatly from EXIM's export insurance, which helps us ship product out- side of the U.S.," said Kathie Leonard, president and CEO. "We are now able to sell to foreign customers the same way we sell to customers here at home. With EXIM's help, we are a small company that now sells throughout the world — over 30 countries and counting." P O L I T I C S & C O. S O U R C E : Export-Import Bank of the United States website MAINE COMPANIES THAT BENEFIT FROM EXIM In Maine, 15 businesses have benefited from the Export-Import Bank of the United States since 2014. This list includes total export value of products: Atlantic Laboratories Inc., Waldoboro $1,463,188 Auburn Manufacturing Inc., Mechanic Falls $4,944,202 Baxter Brewing Co., Lewiston $52,428 Calendar Islands Maine Lobster LLC, Portland $2,138,809 Capricorn Products LLC, Portland $15,266,302 Coastal Metal Fabrication, Topsham $261,050 D. L. Geary Brewing Company Inc., Portland $39,820 FHC Inc., Bowdoin $218,071 Howell Laboratories Inc., Bridgton $1,066,089 Planson International Corp., New Gloucester $975,895 Rising Tide Brewing Co., Portland $52,177 Sebago Brewing Co., Gorham $65,344 Southworth International Group Inc., Falmouth $436,016 Trenton Bridge Lobster Pound Inc., Trenton $1,525,197 Village Candle Inc., Wells $7,875,036.

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