Highlights Partnership Between Insurance Brokers and EXIM in Supporting U.S. Small Business Exporters
FOR IMMEDIATE RELEASE September 10, 2020
Office of Communications (202) 565-3203
WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday addressed the 2020 EXIM Broker Annual Meeting, underscoring the critical role played by the more than 100 EXIM registered insurance brokers, particularly this year as they have helped small business exporters navigate the economic challenges presented by the COVID-19 pandemic.
The meeting, hosted by EXIM’s Export Credit Insurance Division, coincided with the 2020 EXIM Annual Conference, the largest conference in the agency’s history, which is being held virtually September 9-11. EXIM registered insurance brokers partner with the agency to provide specialized insurance services to existing and prospective customers.
“There is no overstating the importance of these brokers to EXIM in supporting small businesses,” said Chairman Reed. “EXIM would not be able to provide the breadth of support for small U.S. exporters that it does today were it not for their dedication and expertise. I thank our broker partners for their successful efforts on behalf of EXIM and on behalf of U.S. exporters in a very tough global marketplace — and on behalf of the American workers and consumers who benefit.”
During the virtual meeting, the brokers also heard from key EXIM staff members:
- James Burrows, Senior Vice President, Office of Small Business.
- Edward Coppola, Director, Broker Relations and Product Development.
- Amy Shinkman, Vice President, Export Credit Insurance.
- Donna Schneider, Vice President, Credit Administration and Claims Processing.
- Steve Dell’Acqua, Director of Credit Policy, Export Credit Insurance.
- Aryam Vazquez, Chief Economist, Country Risk and Economic Analysis Division.
The speakers highlighted recent trends in EXIM’s export credit insurance activities and claims as well as EXIM’s new Channel Operations Program, which provides EXIM registered brokers with additional resources and incentives to help them grow their business and enhance the services they provide to their exporting customers. Export credit insurance accounts for the majority of EXIM’s authorizations, most of which is distributed by insurance brokers, who provide industry and product expertise that ensures their exporting customers obtain the most appropriate coverage at the most affordable price.
U.S. companies, particularly small businesses, can utilize EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.