Share | Print

GAMA Calls on U.S. Congress to Extend Export-Import Bank Reauthorization for Multi-Year Period

GAMA NEWS 14-46 For Immediate Release: Sep 18, 2014

Washington, DC—The General Aviation Manufacturers Association (GAMA) today asked the U.S. Congress to reauthorize the Export-Import Bank for a multi-year period. As part of the continuing resolution, Congress extended the Bank’s authorization for nine months until June 30, 2015. The Bank’s current authorization had been set to expire September 30, 2014.

“While we are pleased that the U.S. Congress has taken this step to allow the Bank to continue to function, our members and their customers need longer-term assurance that the Bank will be there to provide essential financing guarantees for sales,” GAMA President and CEO Pete Bunce said. “We want to thank in particular those members of Congress who fought to keep the Bank operating and are committed to a multi-year reauthorization that improves the Bank’s ability to perform its important mission.”

Bunce added, “As the international market becomes increasingly important for U.S.-based general aviation manufacturers, the Bank’s ability to ensure those companies can compete on a level playing field, with businesses in the more than 60 other countries with similar Export-Import Bank entities, is critical.”

GAMA Vice Chairman Joe Brown, President of Hartzell Propeller, Inc.; Tim Taylor, FreeFlight Systems, Inc. President and CEO; and Bunce have testified before Congress this year about the Bank’s importance to general aviation manufacturers and to small businesses and suppliers. Additionally, in July, Jim Hirsch, President of Air Tractor, Inc., a 260-person company in Olney, Texas that manufactures small airplanes used to treat crops and fight fires, briefed Congressional staff about the Bank’s role in supporting about a quarter of his company’s overall sales and allowing it to develop new markets overseas.

The Export-Import Bank has provided over $1 billion in financial services for fixed-wing business airplanes and rotorcraft since 2012. The financing guarantees it provides are especially important for small businesses that may not be able to attract similar terms from private banks.

Communications Director:
Andre Castro: acastro@gama.aero
General Aviation Manufacturers Association
www.GAMA.aero
Headquarters: (+1) 202-393-1500
European Office: (+32) 2 550-3900

GAMA exists to foster and advance the general welfare, safety, interests, and activities of the global business and general aviation industry. This includes promoting a better understanding of general aviation manufacturing, maintenance, repair, and overhaul and the important role these industry segments play in economic growth and opportunity, and in serving the critical transportation needs of communities, companies, and individuals worldwide.