How OPIC supports small businesses in Minnesota
OPIC’s support for American businesses investing in emerging markets overseas has directly benefited businesses around the country, including in Minnesota, the site of today’s Expanding Horizonsworkshop.
Over more than four decades of supporting development, OPIC has committed more than $480 million in financing and insurance commitments to projects sponsored by Minnesota companies. These projects have generated an estimated $1.1 billion in U.S. exports, and supported an estimated 7,111 U.S. jobs.
In Minnesota, these same projects have supported businesses in a number of industries from technology and energy to food; while generating an estimated $144.9 million in local procurement of goods and services, more than two-thirds of which came from small businesses. This procurement has created an estimated 375 local jobs in Minnesota.
Each year, OPIC hosts Expanding Horizons workshops in cities around the U.S. in an effort to educate small businesses about the extensive opportunities available in some high-growth markets overseas, as well as the tools different U.S. government agencies provide to support these businesses. While investing in developing countries comes with its own set of challenges, OPIC’s financing and insurance can help businesses enter these markets.
In 2010, for example, OPIC committed to provide $60 million in financing to Fagen Inc., a contracting company in Granite Falls, Minnesota, for the construction of a state-of-the-art ethanol plant in Hungary. The project has enabled that country to increase energy production and diversify its energy sources, while also supporting U.S. jobs and significant procurement of U.S. goods.
Around the U.S., OPIC has supported more than $200 billion in investments in more than 4,000 projects since 1971, generating an estimated $76 billion in U.S. exports, and supported an estimated 278,000 American jobs.