The FINANCIAL — WASHINGTON, D.C. – In recognition of National Small Business Week, the Export-Import Bank of the United States (Ex-Im Bank) today announced that so far this fiscal year more than 1,700 small business transactions totaling more than $2.4 billion have been completed.
More than 900 American small businesses have worked with Ex-Im Bank for the first time in FY'10.
National Small Business Week, established in 1963 by President Kennedy, honors the contributions of small businesses to the economic well-being of our country. It is estimated that small businesses create sixty to eighty percent of new U.S. jobs. By assisting these companies in expanding their foreign sales outside the U.S., Ex-Im Bank continues to help small businesses create and save U.S. jobs.
"Our economic recovery is dependent in large part on the success of our small businesses," said Ex-Im Chairman & President Fred P. Hochberg. "Our efforts to encourage more companies to export are paying off, and I am optimistic that we can reach the President's goal of doubling U.S. exports by 2014."
According to Ex-Im Bank, One of its new programs aimed at increasing export access to small businesses is the Global Access for Small Business (Global Access) initiative. Launched by Chairman Hochberg last January, Global Access has played a critical role in ensuring the President's goal of doubling U.S exports by 2014 is met. By the end of 2014, Ex-Im Bank aims to reach $9 billion in annual small business export financing, add a total of 5,000 small businesses to its portfolio, and approve at least $30 billion in transactions. To reach these benchmarks, the Bank is also offering new financing and insurance products as well as streamlining product delivery.
The two Ex-Im Bank products most used by U.S. small business exporters are export-credit insurance and working capital loan guarantees.
Export-Credit insurance protects exporters and lenders from the risk of buyer nonpayment for commercial or political reasons, and it enables exporters to extend credit to international customers.
Working capital guarantees cover 90 percent of the outstanding balance of working capital loans to exporters supported by export-related inventory and accounts receivable.
"Small business exporters interested in learning how they can benefit from the Bank's export financing products may contact the nearest Ex-Im Bank Regional Export Finance Center by calling toll-free 1-800-565-EXIM" publishes Ex-Im Bank on its web-site.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private sector export financing at no cost to American taxpayers. The Bank provides a variety of financing products, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. capital goods and services.