Archive for the ‘Wilbur Ross’ Category

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President’s “E” Awards Celebrate U.S. Companies’ Export Achievements

May 21, 2018

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 Millie Spencer is an intern in ITA’s Office of Public Affairs

 On Monday, May 21, U.S. Secretary of Commerce Wilbur Ross honored 43 American companies, representing 18 U.S. states and Guam, with the 2018 President’s “E” Award to kick off World Trade Week. The President’s “E” Award is the highest recognition any person, firm, and organization can receive for making a significant contribution to increasing U.S. exports.

Secretary Ross

U.S. Secretary of Commerce Wilbur Ross congratulates 43 American companies for their significant contributions to increasing U.S. exports.

This year, 25 companies and organizations were honored with the “E” Award for Exports for demonstrating a sustained increase in export sales over a four-year period. There were nine companies and organizations that assisted and facilitated export activities who received the “E” Award for Export Service. The “E” Star Award for Exports, which recognizes previous “E” Awardees who have reported four years of additional export growth, was awarded to eight firms. One company was awarded the “E” Star Award for Export Service, which recognizes previous “E” Awardees that have shown four years of continued support of exporters since first winning the “E” Award.

This year’s recipients included Hydro-Thermal Corporation of Waukesha, Wisc. Tracing its roots back to 1927, when inventors John White and Roy Miller patented their steam powered heating equipment, Hydro-Thermal Corporation is now the global leader in the development and manufacturing of Hydroheaters. Hydro-Thermal is represented in six continents and its technology is used in facilities in more than 85 countries around the world.

FTC Commercial Corporation (FTC) of Los Angeles, specializes in financing start-up businesses, public entities, and global businesses. FTC partners with the International Trade Administration and U.S. Department of Commerce to promote export trade and strengthen the competitiveness of U.S. companies in the international market. Since its founding 10 years ago, FTC has funded startups that have grown to more than $30 million in sales.

United Franchise Group began as a small franchising conglomerate in 1987, and has grown to more than 1,400 franchisees throughout the world. Today, United Franchise Group has more than 200 employees in the United States and abroad, and has established master licenses or its brands in more than 80 countries.

This year marks the 56th annual “E” Awards presentation. In 1961, President Kennedy signed an executive order reviving the World War II “E” symbol of excellence to honor and recognize America’s exporters.  The “E” Award ceremony is one of the highlights of World Trade Month, a month-long celebration of the benefits that U.S. exports bring to national, state, and local economies through job creation and growth.

American companies are nominated for “E” Awards through the U.S. and Foreign Commercial Service office network, located within the Department of Commerce’s International Trade Administration. Record years of successive export growth and an applicant’s demonstration of an innovative international marketing plan that led to the increase in exports is a significant factor in selecting winners.

For the full list of 2018 “E” Awardees, click here.

Don’t forget to follow us on twitter @Tradegov for coverage of more events throughout World Trade Month.

 

Posted in Wilbur Ross, World Trade Month | Tagged | Comments Off on President’s “E” Awards Celebrate U.S. Companies’ Export Achievements

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STRENGTHENING CREDIT CONDITIONS FOR EXPORTING SMALL AND MEDIUM-SIZED ENTERPRISES

April 6, 2018

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Ericka Ukrow is a Senior International Trade Specialist specializing in Financial Services at the International Trade Administration.

Photo of TFAC meeting in progress, Feb. 22, 2017. From left to right front row: TFAC Chair Kevin Klowden, Commerce Secretary Wilbur Ross, Commerce Deputy Assistant Secretary for Services James Sullivan, Designated Federal Officer for the TFAC Ericka Ukrow.

Meeting of the TFAC, February 22, 2018. From left to right front row: TFAC Chair Kevin Klowden, Commerce Secretary Wilbur Ross, Commerce Deputy Assistant Secretary for Services James Sullivan, Designated Federal Officer for the TFAC Ericka Ukrow.

Exporters, lenders, and researchers are working together to improve options for trade financing through the Department of Commerce’s Trade Finance Advisory Council (TFAC).

In an increasingly interconnected global economy, trade is taking a prominent role in our country’s economic growth.

The availability of finance is essential for a vigorous trading system. Most export transactions are supported by some form of financing or credit insurance. However, significant gaps in the global provision of trade finance remain.

Globally, the trade finance gap in 2017 was estimated at $1.5 trillion, with small and medium-sized enterprises (SMEs) facing the greatest hurdles to access trade finance.

The TFAC advises the Secretary of Commerce on effective ways to increase access to financing resources for all U.S. exporters, especially SMEs. With up to 20 private-sector members representing financial and insurance services providers, manufacturing firms, trade finance industry associations, and research organizations, the TFAC’s thought-leadership coordinates perspectives from diverse stakeholders into the development of policies and programs in this area.

These insights help direct Commerce’s actions toward conducive framework conditions that would amplify U.S. exporters access to strategic educational and financing resources.

Over the last fifteen months, the TFAC has focused on:

  1. export finance best practices;
  2. enabling new private sector channels for the flow of credit to exporting SMEs;
  3. education strategies to reduce the information gap across government, community banks, and other enablers of SME finance;
  4. addressing financing process obstacles that impede SME credit;
  5. analyzing trade credit insurance underutilization in the United States; and
  6. reviewing the performance of alternative export credit agencies’ models.
Photo of TFAC meeting in progress, Feb. 17, 2018. From left to right: Alan Beard and Patricia Gomez (new members), Lou Tierno – Fulton Financial Corporation, Stacey Facter – Bankers Association for Finance and Trade, Peter Bowe – Ellicott Dredges, Gary Mendell - Meridian Finance Group, David Herer – ABC-Amega.

Meeting of the TFAC at the Commerce Department, February 22, 2018. From left to right: Alan Beard and Patricia Gomez (new members), Lou Tierno – Fulton Financial Corporation, Stacey Facter – Bankers Association for Finance and Trade, Peter Bowe – Ellicott Dredges, Gary Mendell – Meridian Finance Group, David Herer – ABC-Amega.

At the February TFAC meeting, Commerce Secretary Wilbur Ross recognized the Council for its critical role in advancing the Administration’s goal of reducing U.S. trade deficits by empowering more SMEs with financing solutions that would increase their export opportunities.

“While we seek to level the playing field and negotiate more favorable terms with our trading partners, we count on you to continue empowering SMEs in the international arena. Without adequate access to finance, it is difficult for U.S. exporters to sell their products and services globally.”

He also encouraged Council members to identify how emerging technologies, such as blockchain, could facilitate trade finance solutions and reduce risk for U.S. SME exporters.

The TFAC also welcomed Secretary Wilbur Ross’ new appointed members this year:

  • Steven Bash, Senior Vice President, International Banking, City National Bank
  • Alan Beard, Managing Director, Interlink Capital Strategies
  • Russell D’Souza, Vice President, Corporate Treasurer, Hanesbrands, Inc.
  • Patricia Gomes, Managing Director, Regional Head Global Trade and Receivables Finance North America, HSBC Bank USA, N.A.
  • William Browning, Senior Vice President, Business Credit – Trade Finance Manager, First National Bank
Photo of TFAC meeting in progress, Feb. 22, 2018. From left to right: Todd McCracken - National Small Business Association, Sergio Rodriguera - The Credit Junction, Karsten Herrmann - Munich Reinsurance America, Tim Gaul - Caterpillar, and new members Russell D’Souza and Steven Bash.

Meeting of the TFA at the Commerce Department, February 22, 2018. From left to right: Todd McCracken – National Small Business Association, Sergio Rodriguera – The Credit Junction, Karsten Herrmann – Munich Reinsurance America, Tim Gaul – Caterpillar, and new members Russell D’Souza and Steven Bash.

These new appointees expand the Council’s expertise in their representation of both users and providers of trade finance in the manufacturing, banking, and management consulting services sectors.

The TFAC expects to discuss improving the credit conditions and diversifying financing sources for U.S. exporters at their Spring meeting.

If you would like to learn more about the TFAC, you can visit our website or you can contact us at TFC@trade.gov.

If you are interested in becoming a member of the TFAC, stay tuned! The Council may be looking for applicants this summer. You can learn more here.

Posted in Advisory Committee, Trade Finance, Trade Policy, Wilbur Ross | Comments Off on STRENGTHENING CREDIT CONDITIONS FOR EXPORTING SMALL AND MEDIUM-SIZED ENTERPRISES

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Registration Now Open For 2018 SelectUSA Investment Summit

December 1, 2017

This post contains external links. Please review our external linking policy.

This post originally appeared on the Department of Commerce blog.

Post by Wilbur Ross

U.S. Commerce Secretary Wilbur Ross speaking to the audience at the 2017 SelectUSA Investment Summit.
U.S. Commerce Secretary Wilbur Ross at the 2017 SelectUSA Investment Summit.

Today, I am pleased to announce that registration is open for the 2018 SelectUSA Investment Summit, with this year’s theme of: Invest Here. Grow Here. Succeed Here.

The SelectUSA Investment Summit will take place on June 20-22, 2018, at the Gaylord National Resort and Convention Center near Washington. The goal is to connect global business leaders with U.S. states and their economic development organizations (EDOs) to facilitate foreign direct investment (FDI) in the United States.

The Summit is the pre-eminent event highlighting inbound investment opportunities throughout the United States, and our record of success proves that. Since our first Summit four years ago, participants have announced more than $71 billion in new investment projects into the United States, supporting thousands of jobs, expanding exports, and driving innovation through manufacturing, services, and increased research and development.

The Summit has helped the United States attracts more FDI than any other country in the world, with a total of $3.7 trillion at the end of 2016. These investments support more than 13 million direct and indirect U.S. jobs, and account for more than one-quarter of all U.S. goods exports of $353 billion.

The 2017 Summit attracted more than 3,000 attendees, including more than 1,200 global investors from 64 different markets and more than 600 economic development officials from 51 states and territories.

The Summit displays the pro-growth environment President Trump is creating through initiatives such as regulatory relief, tax reform, and increased energy production. I am confident these will help to maintain the United States as the #1 investment destination in the world. I look forward to seeing you next June at the Summit.

For registration and information regarding the 2018 SelectUSA Investment Summit, go to www.selectusasummit.us.

Posted in Foreign Direct Investment, SelectUSA, SUSA Summit, Wilbur Ross | Comments Off on Registration Now Open For 2018 SelectUSA Investment Summit