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March 12, 2020

FACT SHEET: EXIM EXTENDS ASSISTANCE TO U.S. CUSTOMERS AND LENDERS AMID COVID-19 OUTBREAK

The Export-Import Bank of the United States (EXIM) is announcing relief provisions for exporters and financial institutions located throughout the United States that may have been affected by COVID-19 (coronavirus).

EXIM recognizes that the business interests of exporters, particularly small businesses, and financial institutions understandably will be secondary to personal health and safety over the coming weeks. Accordingly, EXIM wants to assure our customers that we will work with you to address the problems you may face as a result of COVID-19.

EXIM is offering the relief measures outlined below, including waivers, deadline extensions, streamlined processing, and flexibility, to our customers for an initial period of 30 days (with the possibility of a further extension of the period, at EXIM’s discretion) to enable businesses and financial institutions that participate in our programs to return to their business concerns and EXIM-related obligations at an appropriate time without penalty[1].

EXIM is open for business to support America’s exporters during this difficult and challenging time. We will continue to monitor the situation and offer further accommodations as circumstances warrant.

If you have encountered any shipment problems, payment difficulties, liquidity problems, or other business interruptions that require other flexible arrangements from EXIM in addition to the ones outlined above, EXIM stands ready to work with you in partnership to overcome these issues.

Please feel free to reach out to one of the EXIM program representatives listed below for further assistance. EXIM relief measures are as follows:

1. Working Capital Guarantee Program

  • Waiver of program requirements with which parties cannot reasonably comply under the circumstances, such as field exams, borrowing base certificates, financial statement reporting, and other reporting requirements;
  • Waiver of defaults for nonpayment of interest up to 30 days;
  • Waiver of provisions relating both to defaults and to replenishment of collateral for over-advances resulting from losses of inventory and/or sales;
  • Automatic extensions of up to 30 days for all claim-filing deadlines that arise from the date of this notification (with further extensions considered at EXIM’s discretion);
  • Flexibility regarding the documentation necessary to file a claim.

2. Multi-Buyer and Single-Buyer Short-Term Insurance Program

  • Streamlined processing of multi-buyer policy renewals that are eligible for renewal within 60 days from the date of this notification;
  • Extension of expiry dates of up to 30 days for exporter single-buyer policy (ESS) renewals that expire within 60 days from the date of this notification;
  • Streamlined processing of all Special Buyer Credit Limit (SBCL) renewals that expire on or before April 1, 2020, including the extension of the final shipment date up to 30 days;
  • Extension of up to 30 days for shipment reporting and premium payment deadlines for all shipments made during a 30-day period from the date of this notification;
  • Extension of overdue reporting requirements for up to 30 days for all overdues that would normally have required reporting during the next 30 days from the date of this notification;
  • Extension of up to 30 days beyond the claim filing period if the claim filing deadline specified in the policy occurs within 30 days from the date of this notification;
  • Flexibility in claims analysis and the documentation necessary to file a claim; and
  • If you are a financial institution with a Letter of Credit Policy or Financial Institution Buyer Credit Policy, please contact us if assistance is needed to address concerns regarding your insurance-related obligations.

 

3. Medium-Term Single-Buyer Insurance Policies Issued to Exporters

  • Extension of up to 30 days beyond the claim filing period if the claim filing deadline specified in the policy occurs within 30 days from the date of this notification;
  • Extension of up to 30 days for policies that expire within 60 days from the date of this notification;
  • Extensions of up to 30 days of shipment reporting and premium payment deadlines for all shipments made during a 30-day period from the date of this notification;
  • Flexibility in claims analysis and the documentation necessary to file a claim; and
  • If you are a financial institution or a policyholder/guaranteed lender financing impacted exporters, please contact us if assistance is needed to address concerns regarding EXIM coverage obligations. a

Should you have any questions regarding this fact sheet, we encourage you to contact the program representatives identified below.

Division

Contact Name

Contact Numbers

Working Capital Guarantee Program

Mario Ramirez

Smaro Karakatsanis

(202) 565-3785

(202) 565-3943

Export Credit Insurance

Anita Turi (Multi-Buyer Policies)

Jean Fitzgibbon (Single-Buyer Policies)

(202) 565-3669

(202) 565-3620

Medium-Term Insurance and Guarantees

Bonnie Cybulko

(202) 565-3951

Central Regional Office

Eastern and Western Regional Offices

Michael Howard

Sharyn H. Koenig

(312) 353-8093

(305) 526-7436 x17

Claims Processing

Donna Schneider

(202) 565-3612

Director of Broker Relations

Ed Coppola

(202) 565-3717

Senior Vice President – Medium and Long-Term Lending

David Sena

(202) 565-3272



[1] Our ability to offer relief measures in a particular instance will be subject to compliance with EXIM Charter requirements at the time such measures are considered. This includes, among other things, that the entity seeking relief must not (i) be in default on federal debt and (ii) appear on any of the Prohibited or Restricted Parties lists maintained by the United States government, unless granted clearance by EXIM.