Export Finance Solutions

Where Businesses Come to Grow: Official Blog of the Export-Import Bank

When you think about the state of Michigan, what comes to mind? Here are some fun facts to consider:

• • Home to the Great Lakes
  • Became America’s 26^th state on January 26, 1837
  • Nickname is the Wolverine State / Great Lakes State
  • Top Manufacturing Export Category: Transportation Equipment - $28.2billion of Michigan Total Goods Exports in 2018
  • Michigan Small and Medium-sized Enterprises (SMEs) Counted for 23.8 percent of Michigan’s Total Export of Goods in 2016
  • Canada ($23.9billion), Mexico ($12.3billion), China ($3.6billion), Germany ($2.0billion), & Japan ($1.4billion) were Michigan’s Top 5 Export Markets in 2018

Recently, Michigan received the top award from the Small Business Administration (SBA) State Trade Expansion Program (STEP). The announcement was made by Governor Gretchen Whitmer along with the Michigan Economic Development Corporation. The STEP grant, in the amount of $2million dollars of federal grant funds, provides Michigan small businesses to grow and expand through international export development. The STEP grant is just one of many resources available for SMEs to take advantage of to help grow their business.

The Export-Import Bank of the United States (EXIM) has been an active supporter of Michigan SMEs. Since FY2014 EXIM’s support includes:

• • 154 Exporters, of which 120 are Small Businesses
  • $3billion in Total Export Value

If you are a Michigan SME and are looking for additional resources to help, here are some helpful links to get you started:

• • Export-Import Bank of the United States
  • EXIM Region Export Promotion Program (REPP) Member: Grand Valley State University | Van Andel Global Trade Center
  • Michigan Economic Development Corporation
  • Michigan Small Business Development Center (SBDC)
  • Michigan Chamber of Commerce
  • U.S. Commercial Service: International Trade Administration - Detroit
  • Small Business Administration (SBA) – Michigan District Office

EXIM has been supporting U.S. exporters since 1934, with the mission of supporting American jobs by facilitating the export of U.S. goods and services. To learn more on how EXIM can support your exporting goals, click here for a free consultation and one of our trade finance specialists will be happy to get you started on the path of growing your business through exporting.