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Hagan announces $40 million export-import bank loan guarantee for Sanford’s Frontier Spinning Mills
Story Date: 11/18/2011
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Source: PRESS RELEASE, 11/17/11
U.S. Senator Kay R. Hagan today announced that the Export-Import Bank of the United States (Ex-Im Bank) will guarantee $40 million in loans to Sanford’s Frontier Spinning Mills. This financing will support the export of Frontier's various yarn products and allow the company to hire 50 new employees.
“With its world-class product and forward thinking strategy, Frontier Spinning Mills is demonstrating how North Carolina businesses can compete in the international marketplace,” said Hagan, co-chair of the Senate Textile Caucus. “In today’s economy, where 95 percent of the world’s customers live outside the United States, exporting is an important way North Carolina companies can expand their businesses, create jobs, and preserve a more secure economic future. I am thrilled that today’s announcement will allow Frontier Spinning Mills to continue to spread the “Made in North Carolina” brand across the globe.”
“Our $40 million working capital loan guarantee to Frontier Spinning Mills, one of the nation’s leading yarn producers, is a perfect example of what we are focused on--providing the export financing American companies need to grow, expand their export sales and hire more employees,” said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States. “This loan guarantee will ensure the firm has the resources to increase its foreign sales to more customers in more countries. As a self-sustaining agency, Ex-Im Bank is contributing to the company's growing export sales at no cost to the U.S. taxpayer. Senator Hagan's dedication to promoting North Carolina exports is tireless and it is an honor to work with her on these efforts."
“In the global marketplace, we compete with companies financed by their governments, especially in China and Southeast Asia,” said John Bakane, CEO of Frontier. “The United States Export-Import Bank has stepped into this void and allowed us to be competitive and save North Carolina jobs.”
Hagan is a fierce advocate for North Carolina’s textiles industry. She included a key provision in the Ex-Im Bank Reauthorization bill, which passed the Senate Banking Committee in September, to add a textile seat to the Ex-Im Bank Advisory Committee. Last month, she also reintroduced her bipartisan Textiles Enforcement and Security Act (TESA) to crack down on fraud and illegal trade practices that damage the American textiles industry. For more information on TESA, click here.
The Ex-Im Bank is the official export credit agency for the U.S. Government that creates and maintains American jobs by filling gaps in private financing to increase the export of U.S. goods and services to international markets. This past June, Hagan convened an Exporter Forum in Charlotte with Bank Chairman Fred Hochberg. Nearly 200 small business owners from across the state received expert advice from the Bank and a variety of federal agencies on how to gain a competitive edge in today's global marketplace when selling their goods and services overseas.
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