A bipartisan duo of senators is set to introduce legislation Thursday that could make it easier for small businesses to sell their goods overseas. The bill, sponsored by Democratic Senator Angela Alsobrooks of Maryland and Republican Senator Dave McCormick of Pennsylvania, targets a key financing gap for smaller firms looking to expand into international markets.
The Regional Export Promotion Act would permanently authorize a program within the Export-Import Bank that helps state and local governments connect businesses with export financing. Currently, the program operates on a temporary basis, creating uncertainty for companies and local economic development groups.
“Small businesses and local chambers of commerce are the backbone of Maryland’s economy,” Alsobrooks said in a statement. “Providing these businesses with the tools and financing they need to grow their market share and sell their products abroad will create more jobs and strengthen our economy.”
According to the statement, the Export-Import Bank has financed $1 billion in exports from more than 60 companies in Maryland over the past decade, with 49 of those being small businesses. Nationwide, the bank’s annual report for fiscal 2024 shows that more than 1,200 of its 1,400 total transactions supported small businesses.
The bill also creates a pilot program that would direct the bank to prioritize partnerships with local institutions such as chambers of commerce and community banks. This is designed to expand the reach of the bank’s lending to smaller firms that may not have direct access to traditional export credit.
The legislation is expected to be a candidate for inclusion in a broader reauthorization of the Export-Import Bank, whose charter expires at the end of the year unless Congress acts. The bank provides credit financing to American businesses to help them compete globally, and its renewal has been a source of bipartisan debate.
McCormick, a former hedge fund executive and Treasury official, has focused on economic competitiveness and trade issues since taking office. Alsobrooks, a freshman senator and former county executive, has made small business support a priority. Their collaboration on this bill reflects a broader pattern of bipartisan deal-making on trade and economic policy, even as other issues remain contentious.
Similar bipartisan efforts have emerged in other areas, such as a recent bill to address subminimum wages for disabled workers and a pushback against a plan to scrap a $386 million ocean monitoring network. The Export-Import Bank reauthorization could provide a vehicle for multiple such measures.
For small businesses, the stakes are high. Exporting can be a path to growth, but navigating financing and regulatory hurdles often discourages smaller firms. If the Regional Export Promotion Act becomes law, it would remove one of those barriers by making a proven program permanent and expanding its reach through local partnerships.
