SENATORS ALSOBROOKS AND MCCORMICK EXPAND EXPORT OPPORTUNITIES FOR SMALL BUSINESSES

June 18, 2026

WASHINGTON, DC - As reported in The Hill, Senators Angela Alsobrooks (D-Md.) and Dave McCormick (R-Pa.) introduced the Regional Export Promotion Act of 2026 to help more local businesses access Export-Import Bank (EXIM) financing-which has provided over $1 billion to Maryland businesses over the past decade. This bipartisan legislation would help the EXIM Bank reach more small businesses by creating a pilot program for the Bank to partner with local chambers of commerce, community banks, credit unions, Community Development Financial Institutions, and minority depository institutions. This will allow the EXIM Bank to reach more small businesses and help them access financing. By expanding the EXIM Bank's reach to local community organizations, this legislation will help more businesses access the tools and financing they need to export more products to foreign markets.

"I am proud to partner with Senator McCormick in introducing the Regional Export Promotion Act of 2026. Our bill ensures small businesses have the opportunity to take full advantage of the EXIM Bank's export financing opportunities. Small businesses and local chambers of commerce are the backbone of Maryland's economy. 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," said Senator Alsobrooks.

"International trade is a critical driver of Maryland's economy, creating opportunities for businesses of all sizes to grow, compete, and reach new customers around the world. By expanding awareness of and access to the financing tools and resources available through the Export-Import Bank of the United States, the Regional Export Promotion Act will help more Maryland businesses take advantage of those opportunities and continue creating jobs and investment here at home. We thank Senator Alsobrooks for her leadership on this important effort," said Mary D. Kane, President & CEO, Maryland Chamber of Commerce.

"Baltimore's small business owners have the drive to compete on a global scale - what they've often lacked is access to the tools and connections that make it possible. The Regional Export Promotion Act directly addresses that gap by bringing the Export-Import Bank's resources closer to the ground, through the chambers, CDFIs, and community lenders that entrepreneurs already trust. For businesses in underserved communities, this isn't just about export financing - it's about being seen as viable players in the global economy. We commend Senator Alsobrooks for championing legislation that meets small businesses where they are," said Tiffany Bethea, Executive Director, Baltimore City Chamber of Commerce.

"Maryland businesses have secured nearly $1 billion in EXIM financing in recent years, yet too many small companies never learn these tools exist. The Regional Export Promotion Act changes that. It puts chambers of commerce, community banks, and CDFIs at the center of connecting local businesses to global markets. Senator Alsobrooks understands that economic development happens at the local level, and this bill gives organizations like ours the resources to deliver it," said Dewan Clayborn, President & CEO, Central Maryland Chamber of Commerce.

The EXIM Bank is the official credit agency of the United States, providing loans and credit to help finance foreign purchases of American goods when private lenders are unable or unwilling to do so. Over the past decade, the EXIM Bank financed $1 billion in exports from over 60 companies in Maryland, 49 of which were small businesses. Maryland small businesses receiving EXIM financing include a chicken producer on the Eastern Shore, a marine manufacturer in Southern Maryland, a medical devices company in Frederick, and a farm equipment supplier in Baltimore. Unfortunately, many small businesses don't know EXIM financing exists. A 2024 report from Third Way found that over 60% of small businesses had never heard of the EXIM Bank. As the Banking Committee considers broader legislation reauthorizing the EXIM Bank, the Regional Export Promotion Act would help more small businesses take advantage of funding opportunities and create more jobs at home by exporting more abroad.

Senators Alsobrooks and McCormick's Regional Export Promotion Act codifies the EXIM Bank's Regional Export Promotion Program (REPP) - the Bank's flagship program for partnering with states and cities to expand export opportunities for businesses in those regions. Codifying REPP makes it a permanent part of the EXIM Bank's mission. This bill creates a pilot program to strengthen the program and expand access for small businesses. The pilot program directs the Bank to prioritize entering into agreements with state and local economic development agencies; Community Development Financial Institutions; minority depository institutions; local chambers of commerce; and local community banks and credit unions. These entities will work with the EXIM Bank to provide specialized training, technical expertise, and streamlined application processes to small businesses, with the specific goal of helping these businesses access export credit insurance and other EXIM Bank financing offerings.

Read the full bill text here.

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