Big Turnout for Small Businesses at OPIC Workshop in New York
June 27, 2012
NEW YORK CITY – A workshop today for small businesses in the greater New York area organized by the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, drew 190 small business owners from 4 countries and 16 states including those in the New York region. The Expanding Horizons workshop serves to educate participants about how OPIC products can help them take advantage of investment opportunities in emerging markets.
The workshop, held at the Hilton New York, was the latest in a highly successful series that has educated nearly 2000 small and medium-sized business owners across the United States since 2006. Since its establishment in 1971, OPIC has committed $27.8 billion in financing and political risk insurance to projects sponsored by companies in New York, New Jersey and Connecticut, supporting more than 109,000 jobs and $23.6 billion in U.S. exports.
“Small businesses are the essential engine of the American economy, generating two-thirds of U.S. jobs and roughly half of our GDP – yet they depend on the same opportunities to succeed as others,” said OPIC Director of Public Affairs Dr. Lawrence Spinelli. “OPIC is uniquely positioned to enable SMEs in the greater New York region to make the most of investment opportunities in high-growth emerging markets – and business owners certainly took full advantage of that today.”
Keynote speaker for the workshop was Jung Yun, CEO and Chairman of Yun Capital. Other speakers included senior officials from the Small Business Administration, the U.S. Trade and Development Agency, and the U.S. Department of Commerce, including the U.S. Commercial Service.
OPIC speakers outlined the innovative financial tools – among them financing and political risk insurance – that the agency has used for 40 years to help U.S. businesses successfully invest in emerging markets. Participants also received detailed guidance on applying for OPIC support.
Organizations supporting the Expanding Horizons workshop were Jamaica Business Resource Center, Global Trade & Technology Center, Brooklyn Chamber of Commerce, Greater New York Chamber of Commerce, Rutgers Newark Small Business Development Center, World Trade Center of Northern New Jersey, and the Manhattan Chamber of Commerce.
Since 2006, OPIC has held Expanding Horizons events in Atlanta, Chicago, Los Angeles, Miami, Newark, Houston, San Francisco, Boston, St. Louis, Denver, Philadelphia, Orange (CA), Raleigh and New Orleans. The next workshop will be held in Seattle on October 3, 2012. Click here for more information or visit our website at www.opic.gov.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 276,000 American jobs.