Now more than ever, it’s critical our representatives undertake every effort to make America competitive in the global marketplace. And one way the politicians can help is with supportive financing. American manufacturers compete internationally with foreign labor working for wages far below American standards, and foreign policies that make the conditions for these American companies more restrictive and less competitive. These factors combine to make it riskier for many commercial lenders to lend to U.S. manufacturers that create jobs here but ship products to overseas markets. And, of course, any lender has concerns that if a company defaults on a loan, how can the manufactured goods be converted into cash by finding a ready buyer? That can be tough to guarantee when you’re talking about satellites and space launch technologies. But that’s where the Export-Import Bank – the official export credit agency of the federal government – traditionally has stepped in and played a role. The bank extends credit to companies in foreign countries so they can purchase U.S.-made goods. It provides loans, guarantees and repayment insurance to facilitate transactions. For the taxpayer, the bank has managed risks so that last year it had a default rate of far less than 1 percent. And let’s not forget that the Export-Import Bank doesn’t compete with private lenders. The bank steps in when commercial lenders can’t and won’t. By making guarantees, it often works with private lenders on deals; last year, about 98 percent of its transactions involved private financial institutions. The Valley Industry and Commerce Association is extremely disappointed in Congress for its lack of action when it came time to reauthorize the self-sustaining Export-Import Bank, which completed its mission of supporting industry to the tune of nearly $40 billion worth of U.S. exports last year. Over the summer, Congress let authorization for the Export-Import Bank lapse, a decision that has already started to cost American companies – many of them with operations in our backyard – tens of millions of dollars. For those who think the Export-Import Bank doesn’t make a difference in their neighborhood, know that the effects of Congress’ irresponsible inaction regarding the bank’s reauthorization affects the entire country, including the San Fernando Valley. For industries like satellite manufacturing and aerospace, the Export-Import Bank is a crucial tool. And VICA is already seeing the fallout from Congress’ decision. The Boeing Co. is now working to save an $85 million satellite contract that was put in jeopardy by Congress’ decision to let the Export-Import Bank’s authority lapse. Obviously, this will impact more than just Boeing. Last year, more than 90 percent of the bank’s transactions supported small businesses. In the last five years, the satellite and space technology marketplace has become increasingly competitive as other countries vie to develop products and infrastructure for the 21st century privatized space race. The United States needs to maintain and expand its leadership in this industry of the future. One thing’s for sure: If America hopes to stay competitive in this evolving marketplace, as well as the larger global economy, the nation needs to use all of the tools at its disposal, including the Export-Import Bank. Stuart Waldman is president of the Valley Industry and Commerce Association, a Sherman Oaks-based business advocacy organization that represents L.A. County employers at the local, state and federal levels of government.