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news with a competitive edge
summer 2011
ENERGY AT
A CROSSROADS 30Washington state, like the rest of the country,is at an energy crossroads. Demand for morepower — green or otherwise — is driving newconversations. But with hydro, coal and nuclear power largely off limits and inconsistencieswith wind and solar power, what will power Washington state in the years ahead?
Economy 36
Employment and Workplace 41
Industry 49
Business Backgrounder
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For a business, selling goods beyond U.S. borders is both a daunting and exciting challenge. The excitement
o seeing your business grow beyond borders is one thing, but it is raught with questions.
How can you be sure that the oreign company that is buying your product is creditable? How can a com-
pany survive when it depends on a shipment getting to a distant land? Where can a business fnd the capital
to start selling goods abroad? Where does a business go to even begin answering these questions?
Many businesses believe that “going international” is too complicated or too inancially risky to try.
Fortunately, or businesses in Washington state, there is help.
bringing businesses and nance togetherIn 1983, the Washington state Legislature created the Export Finance Assistance
Center o Washington (EFACW). The goal o this independent, non-govern-
mental agency: provide ree export fnance counseling assistance to small- and
medium-sized Washington state businesses that want to export abroad.
The center provides assistance in a number o areas, including seminars and
training on export fnance rom industry experts. It also provides inormation on
various government and private loan products. The center provides consulting
services to help businesses through the complicated world o oreign banking
and exchange.
“Becoming educated in common export transaction types — and the unique
risk-cost balance o each — is an important frst step,” said Michelle Biggs, global
trade specialist with JPMorgan Chase. “The Export Finance Assistance Centero Washington is an important source o inormation in this regard.”
summer 2011
business backgrounder | industry
International MatchmakerSee who’s trying to match small business with international banks.
Daniel C. Brunell
John Brislin, president and CEO of the Export Finance Assistance Center of Washington.
The Export Finance Assistance Center of
Washington brings together companies
and banks to ensure safe and successful
international transactions.
StartedbytheLegislaturein1983,
thenonprotcenterhelpscompanies
navigatethecomplexworldofnancing
international trade.
Exports from Washington state have been
one of the bright spots in Washington’s
economy during the Great Recession. The
state’s exports recovered strongly in 2010,
with more than $1.4 billion in export value
over 2009.
In January 2010, the Obama administration
pledged to double U.S. exports by 2014.
To meet the 2014 goal, the Export Import
BankoftheUnitedStatesaimstoadd5,000new small businesses to their portfolio by
2014 and reaching $9 billion in annual small-
business exports.
Intherstyearofthiseffort,morethan
900 small-businesses have worked with the
ExportImportBankforthersttimein2010.
at a glance
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50 association of washington business
business backgrounder | industry
It is this specialization where the center comes into its
own. The center acts as a spoke to numerous public and
private fnancial institutions, state and ederal agencies,
insurance companies, brokers and credit reporting agen-
cies. They can guide a company through the trade process
— even act as a matchmaker or a business in gaining und-
ing through fnancial and government sources.
“A lot o our job is to get a dialogue going between a
business and a fnancial institution. We really strive to fnd
the right match between a business and whoever can pro-
vide their fnancing,” said John Brislin, president and CEO
o the Export Finance Assistance Center o Washington.
“Because we are in a unique position as a neutral party, we
can bring new ideas or services to the table that a business
may never have considered. EFACW matches small busi-
nesses with banks, non-bank lenders, and credit insurers
to support their export activities.”
Funding rom the state Department o Commerce
underwrites the cost o services, so businesses aren’t lay-
ing out more unds to take this next step.
a bright spot in the economy
Recently, the Export-Import Bank o the United States,known as the Ex-Im Bank, announced that more than 1,700
small business transactions totaling more than $2.4 billion
were completed in the United States in the frst hal o fs-
cal year 2011.
“Our economic recovery is dependent in large part on
the success o our small businesses,” said Ex-Im Bank
Chairman and President Fred Hochberg in a May 20, 2011
news release. “Our
eorts to encourage
more companies to
export are paying
o.”
And this may be
only the beginning.
In January 2010,
the Obama adminis-
tration pledged to double U.S. exports by 2014. To help make
this a reality, the Ex-Im Bank set a target o adding 5,000
new small businesses by 2014 to their portolio and reaching
$9 billion in annual small-business exports. In the frst year
o this eort, more than 900 small-businesses have worked
with the Ex-Im Bank or the frst time in 2010.
Taking a cue rom the eorts o the administration, the
Ex-Im Bank, private banks and companies have tailored
products or smaller exporters. One such bank is JPMor-
gan Chase.
“JPMorgan Chase has teams throughout the world
that are dedicated to helping U.S. small- and medium-
sized companies conduct business in oreign markets,”
said Curt Fraser, president o middle market banking or
JPMorgan Chase. “Oten we have companies meet with
our bankers on the ground in oreign markets and we
help them navigate the local business environment and
walk them through the nuances o that country’s banking
system and requirements.”
It’s not only banks that are helping small- and medium-
sized businesses with fnancing their exports. UPS Inc. is
expanding its international shipping business to include
fnancial services via their subsidiary, UPS Capital.
“What separates us rom others is that we are a one-
stop-shop or business,” said Gina Kaveny, senior business
development manager o global supply chain inance or
UPS Capital. “We can ship, insure and allow small to mid-size companies to borrow operating capital against goods
warehoused abroad or moving through the UPS network.”
So ar, everyone’s eorts to increase exports — both pri-
vate and public — have been successul.
Exports rom Washington state have been one o the
bright spots during the Great Recession. Washington
state’s exports recovered strongly in 2010, with more than
$1.4 billion in val-
ue o exports over
2009. Even though
these statistics are
still dominated by
aerospace, agricul-
ture and orestry,
se ct o rs su ch as
medical equipment
are rising — sectors that are dominated by small and mid-
sized businesses.
What’s perhaps even more encouraging is that businesses
are becoming more aggressive about exporting their goods.
“Becoming educated in common export transaction types — and the unique risk-
cost balance o each — is an important frst step. The Export Finance Assistance
Center o Washington is an important source o inormation in this regard.” —Michelle Biggs, global trade specialist with JP Morgan Chase
“We’ve seen a defnite increase in interest. A lot more
companies are attending our seminars or calling us up
asking or assistance. It is really encouraging to see.
Especially when a business discovers that there is morehelp or them then ever could imagine. ” — Brislin
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“We’ve seen a deinite increase in interest,” said Brislin. “A lot more companies are attending our seminars or calling
us up asking or assistance. It is really encouraging to see. Especially when a business discovers that there is more help or
them then they could ever imagine.”
summer 2011
business backgrounder | industry
Export Finance Assistance Center of Washington
www.efacw.org
Export-Import Bank of the U.S.
www.exim.gov
JP Morgan Chase International Banking
www.chase.com/online/commercial-bank/
solutions-internationalbanking.htm
Small Business Administration Export Assistance Center
www.sba.gov/content/us-export-assistance-centers
UPS Capital
www.capital.ups.com
The Export Finance Assistance Center of Washington was
createdbytheWashingtonstateLegislaturein1983toprovide
exportnancecounselingassistancetosmall-andmedium-
sized exporters or prospective Washington-based exporters.
The Export-Import Bank of the United States is an independent
federalagencythathelpscreateandmaintainU.S.jobsbylling
gapsinprivatesectorexportnancingatnocosttoAmericantaxpayers.Thebankprovidesavarietyofnancingproducts,
including working capital guarantees, export-credit insurance,
andnancingtohelpforeignbuyerspurchaseU.S.capitalgoods
and services.
“Our economic recovery is dependent in large part on the success o our small businesses.
Our eorts to encourage more companies to export are paying o.” —Fred Hochberg, chairman and president of the Export-Import Bank of the United States
Amy Igloi-Matsuno, Owner
Amy’s on the Bay, Port Orchard
“State government doesn’t have a
revenue problem; it has a spending problem.
I don’t mind paying my fair share of taxes,
but I want to know it’s being spent wisely.
What they do to business has a ripple effect
throughout the state’s entire economy.”
Our state’s business climate
is tough. But you can do
something about it.
To help ensure your voice
is heard in Olympia, visit
www.AWB.org and click
on “We Mean Business.”