Supporters say Export-Import Bank critical tool for Colorado economy

Coolarado Corporation is a manufacturer in Denver that employs about 50 people. CEO Tom Teynor says about half of its product is exported, and he says that's thanks to the Export-Import Bank that's allowed him to take more risks on overseas sales.

"The Export-Import Bank is very valuable," Teynor says. "Without it, I'm quite confident a majority of our sales would have taken place domestically and our growth would have been stunted."

Teynor and the owners of two other small businesses spoke at a news conference organized by U.S. Representative Diana Degette, a Denver Democrat. She says the bank helps companies expand and create jobs and should be reauthorized by Congress before it expires Sept. 30.

So far, 201 Democratic House members have signed on to legislation reauthorizing the bank but no Republican House members have joined them.

DeGette says Tea Party Republicans are jeopardizing an important economic tool.

"A lot of us are really mystified why this is happening because this is so important in our local communities for small businesses who create jobs this way," DeGette says.

Critics call the bank an example of corporate welfare but Degette says 89 percent of the companies that use the bank are small businesses, and those companies pay a fee that covers the costs of the program.