The Facts about EXIM Bank
The Export-Import Bank of the United States (EXIM Bank) is an independent, self-sustaining agency with an 80-year record of supporting U.S. jobs by financing the export of American goods and services.
EXIM Bank's mission is American jobs.
By financing the export of American goods and services, EXIM Bank has supported 1.3 million private-sector, American jobs since 2009, supporting 164,000 jobs in FY 2014 alone.
EXIM Bank is more critical than ever to small businesses.
Small business exporters need certainty and protection to tackle new markets, expand and create jobs. In FY 2014, nearly 90 percent of EXIM Bank's transactions—more than 3,340—directly supported American small businesses.
EXIM Bank is efficient and delivers for the American taxpayer.
Over the past two decades, the Bank has generated nearly $7 billion more than the cost of its operations. That's money EXIM Bank generates for the American taxpayer, to help reduce the federal deficit.
EXIM Bank is vital to countering aggressive foreign competition.
With nearly 60 other export credit agencies around the world trying to win jobs for their own countries, EXIM Bank helps level the playing field for American businesses. "Made in America" is still the best brand in the world, and EXIM Bank ensures that U.S. companies never lose out on a sale because of attractive financing from foreign governments.
EXIM Bank responsibly manages risk.
As reported to Congress, EXIM Bank's active default rate was 0.175%— less than one fifth of one percent—as of September 30, 2014. EXIM Bank is committed to effective risk management and maintains prudent reserves to cover potential losses – seventeen times greater than the Bank's current default rate.
EXIM Bank does not compete with the private sector.
EXIM Bank fills export financing gaps through its loan, guarantee, and insurance programs when the private sector is unable or unwilling to do so. At the same time, private sector lenders are EXIM Bank's partners. In FY 2014, 98 percent of EXIM Bank transactions involved commercial financial institutions.
2014 Export Value by Industry and Small Business
In FY 2014, Export-Import Bank financing supported $27.5 billion worth of U.S. exports. $10.7 billion of that total represents exports from U.S. small businesses, making small business exports the top category for EXIM Bank supported exports last year.
The Export-Import Bank has a long history of bipartisan support.
President Dwight D. Eisenhower, February 12, 1959: "[EXIM Bank's] record of repaid loans and repayable loans, your infinitesimal portion of written-off loans is one that I can do nothing except to say congratulations to your Directors, the President, and to all of you."
President John F. Kennedy, July 18, 1963: "...the Export-Import Bank has created a wholly new program of export financing which now provides U.S. business with credit facilities equal to any in the world."
President Gerald Ford, November 18, 1974: "In order for the United States to maintain its strong position in foreign markets, it is important that the Congress pass the Export-Import Bank bill and avoid attaching unnecessary encumbrances."
President Ronald Reagan, January 30, 1984: "Exports create and sustain jobs for millions of American workers and contribute to the growth and strength of the United States economy. The Export-Import Bank contributes in a significant way to our nation's export sales."
President William J. Clinton, May 6, 1993: "Export expansion obviously encourages our most advanced industries. I am committed to promoting these exports, and what's where the EXIM Bank plays an important role."
President George W. Bush, June 14, 2002: "I have today signed into law S. 1372, the Export-Import Bank Reauthorization Act of 2002. This legislation will ensure the continued effective operation of the Export-Import Bank, which helps advance U.S. trade policy, facilitate the sale of U.S. goods and services abroad, and create jobs here at home."