Jacob Lew
The Export-Import Bank is an essential tool to finance exports in rural America and several Treasury Department programs are also available to participate in financing in rural America, Treasury Secretary Jacob Lew told investors today at the White House Rural Opportunity Investment Conference.

The Export-Import Bank “is providing essential credit for many of our exporters, including scores of small businesses or businesses with small business suppliers,” Lew said.

“We are talking about rural companies like Air Tractor in Olney, Texas, the Hudson Pecan Company in Ocilla, Ga., and Cottonwood Trading in Pleasant Hill, Mo.”

Lew did not mention the battle over reauthorization of the Export-Import Bank. The Obama administration supports reauthorization, but key House Republicans say the bank should be allowed to die.

At a conference designed to make investors aware of opportunities in rural America and the Obama administration’s commitment to rural America, Lew said Treasury is serving rural communities through:

The Small Business Lending Fund, “which is providing incentives so community banks will provide loans to farmers and ranchers;”

The State Small Business Credit Initiative, “which is channeling resources directly to states so they can meet the needs of local businesses and entrepreneurs;

The Community Development Financial Institutions Fund, “which is working with banks and credit unions in underserved communities to provide loans to small businesses.”

Lew said that over the past 10 years, about a quarter of these loans have gone to rural communities.

Noting that Obama believes that infrastructure modernization is key to the country’s future, he said the “stop-gap” measure to keep the Highway Trust Fund going is not enough, and that the administration has begun a Build America Investment Initiative to encourage the private sector to finance more infrastructure.

Treasury will hold an infrastructure summit in September, Lew said.

“Rural America was hit hard by the economic crisis and has had to face a distinct set of difficult challenges, our rural economy is seeing important gains,” but has made gains in energy production and manufacturing as well as agriculture, he said.

“Last year alone, food and agricultural exports represented 9 percent of our total goods exported and reached more than 140 billion, setting a record. And these exports supported close to 1 million jobs here at home in 2013,” Lew said.