Sponsor Statement for HB 288

Export Finance Assistance

In order for Alaska to compete successfully in the global market, businesses must offer financing arrangements that are competitive with exporters of other states and nations. Alaskan exporters have consistent difficulty in identifying the trade finance, funding and project funding sources to do business internationally. Therefore, there is a need for a small business EFA Center which will specialize in providing direct export assistance to small and medium sized businesses throughout the state in acquiring information about export opportunities and financial alternatives for exporting to become competitive in today's global market. For over 10 years there have been requests for an Export Finance Assistance Center in the state of Alaska. The state of Washington started a program in 1983 to serve small businesses with annual sales under $100 million. During 1994, the Washington Export Assistance Center generated 80 million in trade finance for Washington businesses, of which $40 million was from the Export Import Bank.