The General Aviation Manufacturers Association (GAMA) announced in a statement that it hailed the bipartisan agreement between Majority Leader Eric Cantor and Minority Whip Steny Hoyer to end an impasse over the reauthorization of the Export-Import Bank. The agreement extends the bank’s charter for three years and increases its lending authority to $140 billion.

GAMA has supported the bank’s reauthorization because this lending is vital to the industry’s ability to grow and maintain exports as general aviation manufacturing recovers from the economic downturn. Additionally, the exports generated are key for job creation and for the Obama Administration’s efforts to double exports by the end of 2014.

“General aviation jobs will be put in jeopardy if the Export-Import Bank is not reauthorized,” said Pete Bunce, GAMA’s president and CEO. “Furthermore, general aviation manufacturing is one of the few remaining industries that contributes positively to the U.S. balance of trade. Our member companies have dramatially increased their use of Export-Import Bank financing over the past several years. Continued lending authority is essential to the success of general aviation manufacturing to compete globally.”

The Export-Import Bank’s charter lapses on May 31 and is expected to reach its current lending limit by the end of May, if not earlier.

“We appreciate the bi-partisan effort in the House to move this legislation and we urge every House member to support it. We also call on the Senate to act quickly in order to avoid any lending disruption,” added Bunce.