New ally for Conn. businesses

On Oct. 23, Gov. M. Jodi Rell revealed a new financing partnership that will benefit Connecticut employers by helping them with their export business.

The Connecticut Development Authority (CDA) will now be able to supply international trade financing to small businesses due to a partnership with the Export-Import Bank of the United States (Ex-Im).

"This City-State partnership – Ex-Im Bank's first in Connecticut – will give us the opportunity to provide many more small businesses with competitive financing tools they need to successfully compete in the global marketplace, and create Connecticut jobs," said Diane Farrell, a member of Ex-Im Bank's Board of Directors.

Earlier this year, the CDA and Ex-Im Bank formed a City/State Partnership Agreement that advertises Ex-Im Bank's services to small businesses in Connecticut.

"Our City/State partnership brings Connecticut's small businesses and community banks face-to-face with international trade experts as a first step in understanding and assessing overseas markets," said John P. Kearny, the vice president of CDA's Commercial Lending Group. "CDA remains committed to helping Connecticut businesses compete and prosper in the global economy."

Ex-Im Bank has declared CDA to be a "Designated Authority Lender," which allows CDA to make credit decisions and give up to $1 million in international trade financing to eligible exporters.

"This is tremendous news for our small exporters in need of lines of credit to sustain and grow their businesses," Rell said. "Connecticut exports have been a traditional bright spot in our economy and this will allow us to build on that success. Connecticut companies are some of the most innovative in the world. Increasing our exports and giving employers more access to export financing will strengthen our hold in the global marketplace while creating jobs at home."

The CDA is a member of Connecticut's economic development team. This company stimulates investment in commercial and industrial businesses and works to retain and create jobs, thereby bolstering the state's economy, technology base, intellectual capital and infrastructure.

Ex-Im is an independent, self-sustaining federal agency that works toward creating and sustaining jobs by filling gaps in export financing and improving the competitiveness of U.S. exports. The bank uses a variety of financing mechanisms, such as export-credit insurance to protect against lack of payment from foreign customers.