Around 1993, as a CPA I played a pinnacle role in trying to bring 100,000 jobs to Los Angeles. I worked with four non-CPA partners, Chemical Bank, the Dept of Commerce, the Dept of Labor, and Senator Barbara Boxer to use the Export-Import Bank of the United States (EXIMBANK)to insure foreign movie presale contracts. We didn’t prevail.
However, as a CPA, what I learned was EXIMBANK is a great partner to a small business aspires to go global. Their site says, “Global Access for Small Business is a top priority of Ex-Im Bank. This initiative is dedicated to dramatically increasing the number of small businesses exporting goods and services to maintain and create U.S. jobs.”
As a strategists and CPAs, we involve ourselves on various levels of business. One option we suggest for manufacturers in increasing their top line is EXIMBANK. They are a US agency that insures foreign receivables. A small business in turn secures a business loan with the insurance policy removing risk from the bank. If the foreign customer doesn’t pay, EXIMBANK pays off the bank loan.
In 2010, more than 700 small businesses used EXIMBANK to sell their products overseas. By 2015, EXIMBANK aims to approve at least $30 billion in small business transactions.
CPA financial statements really don’t tell a small business owners very much about strategizing. So, we look beyond the horizons and advise small business where they can prosper. In addition, as CPAs we have an obligation to help create jobs with our strategies. EXIMBANK reaches both of these objectives.
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