Fri, Jul 25, 2014
Briefing Organized By GAMA And Other Business Interests
Jim Hirsch, President of Air Tractor, Inc., and a GAMA board member, briefed staff of the U.S. House of Representatives on Tuesday on the Export-Import Bank’s importance to small businesses. The briefing was organized by GAMA, the Coalition for Employment through Exports, the Small Business Exporters Association, the U.S. Chamber of Commerce, and the National Association of Manufacturers.
Based in Olney, Texas, with about 260 employees, Air Tractor manufactures small airplanes used to treat crops and fight fires. The Export-Import Bank helps support about a quarter of the company’s overall sales and has allowed it to grow by developing new markets in places such as Spain and South America, Hirsch said in his remarks. As a result, sales to non-U.S. customers now account for about 50 percent of the company’s business. Because of its small size, Air Tractor is not able to attract financing guarantees from many private banks, making the Export-Import Bank critical to its survival. Air Tractor has used the Bank’s credit insurance for 20 years, Hirsch noted.
The Bank’s current authorization expires on September 30, 2014. It has provided more than $1 billion in financial services for fixed-wing business airplanes and rotorcraft since 2012. With about 60 other countries utilizing entities similar to the Export-Import Bank, reauthorization will allow U.S. companies to compete on a level playing field globally and keep workers employed.
(Air Tractor pictured in file photo)
More News
With Testing Soon Complete, Launch Preparations Begin in Earnest Sierra Space's Dream Chaser has been put through the wringer at NASA's Glenn Armstrong Test Facility in Ohio, but w>[...]
Takeoff Roll The process whereby an aircraft is aligned with the runway centerline and the aircraft is moving with the intent to take off. For helicopters, this pertains to the act>[...]
“We’re proud of the hard work that went into receiving this validation, and it will be a welcome relief to our customers in the European Union. We couldn’t be mor>[...]
"Aircraft Spruce is pleased to announce the acquisition of the parts distribution operations of Wag-Aero. Wag-Aero was founded in the 1960’s by Dick and Bobbie Wagner in the >[...]
IDENT Feature The special feature in the Air Traffic Control Radar Beacon System (ATCRBS) equipment. It is used to immediately distinguish one displayed beacon target from other be>[...]