The Export-Import Bank of the United States (Ex-Im Bank) is the official U.S. export credit agency providing financing to American businesses at no cost to taxpayers. Established in 1934, Ex-Im Bank supports jobs through the financing of U.S. exports by providing loans, loan guarantees, and insurance. Nearly $35.8 billion in total authorizations were made in 2012 – an all-time Ex-Im record; this total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record.
Global access is top priority; assisting in the production and exporting of goods and services for legitimate sales in a new market or for increasing sales in an existing one. With the President’s push to double exports by 2105 (as mentioned in a previous PIERS blog); small businesses need to expand overseas and break into foreign markets. Most companies are export-ready but find it difficult to secure private loans and guarantees. Commercial banks have reduced funds allocated for export transactions in recent years; Ex-Im Bank ensures payment by overseas customers and fund production.
Currently worldwide renewable environmental projects are the focus for Ex-Im Bank, as it tries to satisfy a Congress-mandated goal of 10% of total financing directed to the sector. Most recently, the agency has assisted with:
- solar panels exports to India (creating 200 jobs in CA)
- wind turbines exports to Honduras (creating 200 jobs in 6 states)
- aircraft exports to Indonesia (sustaining jobs in WA, SC, OR and UT)
- aircraft exports to Israel (sustaining more than 1,300 jobs WA, SC, OR and UT)
PIERS will be attending the Export-Import Bank of the United States 2013 Annual Conference in Washington D.C. on April 4th and 5th, make sure to visit us at booth 128.
Unable to attend the conference and you are a bank that offers financing to importers and exporters? Our Trade Finance database provides access to over 500,000 D&B company profiles of active importers and exporters. Register here to receive 10 free trade finance leads.