Boost Your Michigan Manufacturing Exports with EXIM’s New Financing Program
As global markets increasingly value American-made products, Michigan manufacturing companies have a golden opportunity to expand their reach.
Kathie Leonard, President & CEO of Auburn Manufacturing Inc., a U.S.-based high-performance textile manufacturer, shares the significance of the “Made in the U.S.A.” brand: “Selling a U.S.-made product is extremely important to our customers.”
This sentiment is echoed by many in the industry, reflecting a growing trend towards prioritizing American goods.
Recent data highlights an upward trajectory of exports for both Michigan and the United States. In 2023, national exports of goods and services surpassed $3 trillion for the second consecutive year, marking a 1.2 percent increase, according to the U.S. Bureau of Economic Analysis. Michigan’s export growth has been even more impressive, rebounding from $44.9 billion in 2020 to $64.9 billion in 2023 — an increase of 45 percent and the highest export level in the past decade, as reported by the International Trade Administration.
To help manufacturers, including small businesses like Auburn Manufacturing, take advantage of this opportunity and enhance their global competitiveness, the Export-Import Bank of the United States (EXIM) offers a new financing tool. The Make More in America Initiative is designed to unlock funds and encourage domestic manufacturing by making EXIM’s medium- and long-term loans, loan guarantees and insurance available for export-oriented projects.
Many American manufacturers, especially small and medium-sized businesses, often face challenges in securing the necessary financing to compete globally. EXIM’s mission to support American jobs by facilitating U.S. exports means that companies of all sizes can benefit from their export finance solutions, paving the way for growth and expansion.
With these comprehensive support systems in place, Michigan manufacturers are well-positioned to thrive in the global market. By leveraging EXIM’s financial tools and resources, your business can not only expand its export capabilities but also contribute to the robust growth of American-made products worldwide.
About the Author
Mariel Huasanga is a Regional Director for the Export-Import Bank of the United States (EXIM), assisting Michigan business owners in their exporting journey. She may be reached at mariel.huasanga@exim.gov.
Export-Import Bank of the United States (EXIM) is an MMA Premium Associate Member and has been an MMA member company since January 2024. Visit online: exim.gov.