Letters to the Editor

Tom Welsh: Loss of Export-Import Bank hurts small businesses

Small businesses across North Carolina lost an invaluable tool when Congress allowed the Export-Import Bank’s charter to lapse this summer. We have lost a measure of security with the termination of the insurance product that Ex-Im affordably provided.

North Carolina’s economy has a history of benefiting from trade, from the fabrics and furniture yesterday, to technology, airplanes, medicines and high-value agriculture products today. Exports have become so valuable to our state that trade-related jobs grew 5.5 times faster than total employment did between 2004 and 2011.

Our elected officials should recognize how critical trade is to our economy and should support made-in-America goods and technology. That includes supporting tools like the Ex-Im Bank that help small businesses sell more American goods abroad.

My company produces 3D measurement software and equipment and is one of hundreds of businesses in North Carolina that have used Ex-Im to help sell our products to new markets. Ex-Im helped to give us peace of mind when selling overseas, thanks to its insurance programs, and held promise for our future growth in its other development programs.

I am exasperated with the power games in Washington and wish our representatives would start supporting jobs by renewing the Ex-Im Bank.

Tom Welsh

President, Revware

Raleigh

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