APEC Trade Summit Lays Foundation for Bank of Montana's New Export/Import Bank Authorization.
Montana's senior U.S. Senator Max Baucus is applauding a new Montana-based resource for Montana companies looking to grow business and local jobs through increasing exports abroad. Baucus helped cut through unnecessary red tape in order to help Bank of Montana become the first Montana-based bank authorized as a medium term Guaranteed Lender through the Export Import Bank of the United States. The special designation will allow Bank of Montana to guarantee U.S. export shipments up to $10 million dollars, while specifically giving an underserved group - smaller exporters, better access international trade loans in the $500,000 to $3 million range.
Baucus says the news means smaller exporters in Montana will have faster and easier access to export financing and Montana companies will no longer have to use out of state financing to help move their products and goods abroad. During the Asia-Pacific Economic Cooperation (APEC) meetings in Big Sky this month which Senator Baucus successfully fought to bring to Montana, Bank of Montana had the opportunity to make important connections with Montana businesses seeking to expand international exports.
"This is great news for Montana businesses - they now have a hometown bank to help them boost exports and create jobs here at home. Clearly, we need work together to help our small businesses break into the world of international trade, and my hat goes off to Bank of Montana for working on solutions to help these businesses grow and create good-paying jobs," said Baucus, Chairman of the Senate Finance Committee which has sole jurisdiction over international trade.
Bank of Montana President and CEO Tom Swenson says the APEC meetings in Big Sky created a key venue to reach out to both Montana businesses and global trade officials. "Our thanks to Senator Baucus who not only helped Bank of Montana gain the opportunity to help secure Montana exports, but brought the APEC trade meetings to Montana. At the APEC conference in Big Sky, we had a seat at the table with top leaders in international trade. We were able to initiate strategic alliances and partnerships with several Montana companies which should lead to significant exports and jobs in Montana," said Swenson.
The news is exciting for Butte-based Resodyn Corporation which exports industrial high tech mixers that range from $35,000 to $1 million per mixer. The new designation for Bank of Montana means they will no longer have to work with out of state banks to guarantee their high value shipments abroad. "We are in a business growth mode that will require us to obtain international trade loans to help us get the job done. We welcome the news that Bank of Montana will now provide the tools we need to do more business overseas, which will allow us to boost exports and create jobs. Senator Baucus has been a true champion of giving Montana companies unparalleled opportunities to grow during a time when we need it most," said Resodyn Corporation President Larry Farrar, who attended the APEC meetings in Big Sky.