s a young female growing up in rural West Virginia in the 1970s and 1980s—which was before the Internet could bring the world to you—I had to think big, work hard, and challenge myself in every way possible to get on the right path to achieve my dreams. I credit my family, public libraries, organizations like 4–H and the West Virginia Governor’s Honors Academy, demanding teachers who pushed me to new heights, and diverse individuals who took the time to mentor or simply inspire me.
Serving as the first woman Chairman of the Board, President, and CEO of the Export–Import Bank of the United States (EXIM) from 2019-2021 also exposed me to new challenges and opportunities. From reopening a federal agency founded in 1934 which essentially had been closed for four years due to Congressional inaction to working with the President of the United States and U.S. Congress to secure the longest reauthorization in EXIM’s history to taking on major new challenges from national and economic security perspectives, I worked the hardest I’ve ever worked in my life with hundreds of amazing colleagues who were dedicated to public service. It also gave me the most remarkable leadership experiences. I was inspired by things small and large, local and global, and, of course, the unfathomable. Each day—which never played out as expected—was a new challenge filled with stresses and crises. More importantly, every single day was a blessing and an opportunity.
As we mark International Women’s Day 2024, I want to share one key EXIM insight that inspired me: the entrepreneurial spirit and prosperity of women–owned and women–led businesses in the United States and around the world.
When I took my oath in the Oval Office as the first woman head of EXIM in the agency’s then 85–year history, I made helping U.S. businesses owned and led by women as one of my top priorities. Noting that 95% of U.S. businesses’ potential customers reside outside of our borders, I wanted to do all I could to encourage American women to bring their great “Made in the USA” products and services to the world. I also knew it would be a team effort to do this, so we worked closely with our government interagency partners, including the U.S. Departments of Commerce, Agriculture, and State, and the U.S. Small Business Administration, and external partners, such as the National Association of Manufacturers and U.S. and local Chambers of Commerce, to deliver “women wins.” I also visited women–owned businesses in rural and urban America to better understand their challenges, as well as determine if EXIM could help these entrepreneurs better succeed in the fiercely competitive and often unfair global marketplace.
I will never forget visiting AcousticSheep LLC, a woman– and minority–owned small business in Erie, Pennsylvania, that manufactures headphones designed for sleeping and running. EXIM’s export credit insurance program supported its international sales. Founded in 2007, the innovative small business grew from a kitchen–table operation into an award-winning company with 25 employees. Alongside AcousticSheep’s female CEO Dr. Wei-Shin Lai, I noted that there was nothing more inspiring than seeing a great woman–owned business “built from scratch, like this one, and watching dedicated employees turn an innovative idea into a product that people around the world love."
AcousticSheep’s story is important for other small businesses hoping to export. As it grew, the company began selling its products internationally, but it also experienced difficulty when the foreign customers defaulted on payments. This is where EXIM came in. EXIM’s export credit insurance provided protection against the risk of nonpayment and enabled the company to continue increasing its exports in its original markets and also expand into two new countries.
At the time, AcousticSheep’s exporting, which sustained local Pennsylvania jobs, accounted for about 25% of sales. Between 2017–2020, EXIM supported the company’s exports, valued at nearly $170,000, to New Zealand, Canada, and Australia. AcousticSheep’s CEO commented to me, “As a small business, EXIM has given us the confidence to work with new distributors in more risky countries as well as expand our sales to existing distributors, giving them more credit—and increased sales—over time."
Looking back at my tenure at EXIM, I am pleased with what we achieved. In FY 2019 and 2020, EXIM approved $776 million in support of women– or minority–owned businesses. We also planted seeds with women across the U.S. who wanted to succeed in the global marketplace. In coast–to–coast outreach—both in–person and virtually, as this was at the height of the COVID–19 pandemic—my EXIM colleagues and I participated in 264 business development discussions to engage women– and minority–owned businesses about EXIM’s products and services.
But, there is more to this story. While at EXIM, we not only focused on women in the United States, but also globally. They repeatedly commented that the United States’ makes the highest quality products in the world. Their passion about being able to connect with and buy from American women was truly infectious.
I will never forget one of these meetings, which took place in Khartoum, Sudan, with then Minister of Finance and Planning, Her Excellency Dr. Hiba Ahmed Ali. After our robust conversation, I presented Minister Ahmed Ali with a replica of the United States' “First” First Lady Martha Washington's pearl dove pin. I told her that the pin was a declaration of Mrs. Washington's hope for the future, peace, and prosperity for the new United States of America, and I wished the same for Sudan.
Unfortunately, many atrocities have happened in Sudan since our special meeting, and I pray for the prosperity of the women of Sudan who were in Minister Ahmed Ali’s heart when we spoke.
As we pause for International Women’s Day 2024, may each of us do all we can to help women–owned and –led businesses prosper in the U.S. and around the world.
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Championing the entrepreneurial spirit of women–owned, led businesses
Former EXIM CEO Kimberly Reed, center, and the founder of AcousticSheep LLC, a woman– and minority–owned small business, right. Photo courtesy of Kimberly Reed.
March 11, 2024
Women face unique challenges both in the U.S. and globally, yet the entrepreneurial spirit of woman business owners and leaders remain inspiring, writes former Export–Import Bank of the United States (EXIM) CEO Kimberly Reed.
A
s a young female growing up in rural West Virginia in the 1970s and 1980s—which was before the Internet could bring the world to you—I had to think big, work hard, and challenge myself in every way possible to get on the right path to achieve my dreams. I credit my family, public libraries, organizations like 4–H and the West Virginia Governor’s Honors Academy, demanding teachers who pushed me to new heights, and diverse individuals who took the time to mentor or simply inspire me.
Serving as the first woman Chairman of the Board, President, and CEO of the Export–Import Bank of the United States (EXIM) from 2019-2021 also exposed me to new challenges and opportunities. From reopening a federal agency founded in 1934 which essentially had been closed for four years due to Congressional inaction to working with the President of the United States and U.S. Congress to secure the longest reauthorization in EXIM’s history to taking on major new challenges from national and economic security perspectives, I worked the hardest I’ve ever worked in my life with hundreds of amazing colleagues who were dedicated to public service. It also gave me the most remarkable leadership experiences. I was inspired by things small and large, local and global, and, of course, the unfathomable. Each day—which never played out as expected—was a new challenge filled with stresses and crises. More importantly, every single day was a blessing and an opportunity.
As we mark International Women’s Day 2024, I want to share one key EXIM insight that inspired me: the entrepreneurial spirit and prosperity of women–owned and women–led businesses in the United States and around the world.
When I took my oath in the Oval Office as the first woman head of EXIM in the agency’s then 85–year history, I made helping U.S. businesses owned and led by women as one of my top priorities. Noting that 95% of U.S. businesses’ potential customers reside outside of our borders, I wanted to do all I could to encourage American women to bring their great “Made in the USA” products and services to the world. I also knew it would be a team effort to do this, so we worked closely with our government interagency partners, including the U.S. Departments of Commerce, Agriculture, and State, and the U.S. Small Business Administration, and external partners, such as the National Association of Manufacturers and U.S. and local Chambers of Commerce, to deliver “women wins.” I also visited women–owned businesses in rural and urban America to better understand their challenges, as well as determine if EXIM could help these entrepreneurs better succeed in the fiercely competitive and often unfair global marketplace.
I will never forget visiting AcousticSheep LLC, a woman– and minority–owned small business in Erie, Pennsylvania, that manufactures headphones designed for sleeping and running. EXIM’s export credit insurance program supported its international sales. Founded in 2007, the innovative small business grew from a kitchen–table operation into an award-winning company with 25 employees. Alongside AcousticSheep’s female CEO Dr. Wei-Shin Lai, I noted that there was nothing more inspiring than seeing a great woman–owned business “built from scratch, like this one, and watching dedicated employees turn an innovative idea into a product that people around the world love."
AcousticSheep’s story is important for other small businesses hoping to export. As it grew, the company began selling its products internationally, but it also experienced difficulty when the foreign customers defaulted on payments. This is where EXIM came in. EXIM’s export credit insurance provided protection against the risk of nonpayment and enabled the company to continue increasing its exports in its original markets and also expand into two new countries.
At the time, AcousticSheep’s exporting, which sustained local Pennsylvania jobs, accounted for about 25% of sales. Between 2017–2020, EXIM supported the company’s exports, valued at nearly $170,000, to New Zealand, Canada, and Australia. AcousticSheep’s CEO commented to me, “As a small business, EXIM has given us the confidence to work with new distributors in more risky countries as well as expand our sales to existing distributors, giving them more credit—and increased sales—over time."
Looking back at my tenure at EXIM, I am pleased with what we achieved. In FY 2019 and 2020, EXIM approved $776 million in support of women– or minority–owned businesses. We also planted seeds with women across the U.S. who wanted to succeed in the global marketplace. In coast–to–coast outreach—both in–person and virtually, as this was at the height of the COVID–19 pandemic—my EXIM colleagues and I participated in 264 business development discussions to engage women– and minority–owned businesses about EXIM’s products and services.
But, there is more to this story. While at EXIM, we not only focused on women in the United States, but also globally. They repeatedly commented that the United States’ makes the highest quality products in the world. Their passion about being able to connect with and buy from American women was truly infectious.
I will never forget one of these meetings, which took place in Khartoum, Sudan, with then Minister of Finance and Planning, Her Excellency Dr. Hiba Ahmed Ali. After our robust conversation, I presented Minister Ahmed Ali with a replica of the United States' “First” First Lady Martha Washington's pearl dove pin. I told her that the pin was a declaration of Mrs. Washington's hope for the future, peace, and prosperity for the new United States of America, and I wished the same for Sudan.
Unfortunately, many atrocities have happened in Sudan since our special meeting, and I pray for the prosperity of the women of Sudan who were in Minister Ahmed Ali’s heart when we spoke.
As we pause for International Women’s Day 2024, may each of us do all we can to help women–owned and –led businesses prosper in the U.S. and around the world.
