Joins U.S. House Financial Services Committee Vice Chair Michael F.Q. San Nicolas to Outline EXIM Trade Finance Tools Available to Assist American Small Businesses in the Transpacific Region
FOR IMMEDIATE RELEASE August 5, 2020
Office of Communications (202) 565-3203
WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today delivered prerecorded remarks to more than 60 registrants of a webinar hosted by the Guam Chamber of Commerce and the Saipan Chamber of Commerce, highlighting how small businesses can utilize EXIM support to expand their exporting opportunities.
During the virtual event, Chairman Reed underscored how U.S. businesses, particularly small businesses, can use EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs. She also underscored EXIM’s COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions.
U.S. Congressman Michael F.Q. San Nicolas, who serves as the At-Large Delegate for Guam to the U.S. House of Representatives, also took part in the webinar. Rep. San Nicolas also is the Vice Chair of the U.S. House of Representatives Committee on Financial Services.
“I want to thank Congressman Michael F.Q. San Nicolas, along with the Guam Chamber of Commerce and the Saipan Chamber of Commerce for their commitment to the businesses in their communities. Those privileged to call the Mariana Islands home are blessed to live in one of the most beautiful parts of the world,” said Chairman Reed. “For small businesses with limited resources, exporting can be an opportunity to increase financial stability and expand into new markets, which can help them weather troubled times. As we continue reopening our economy, EXIM is ready to assist companies of all sizes export their American-made products and support U.S. jobs.”
“As Vice Chairman of the Committee on Financial Services in the U.S. House of Representatives, we are very excited about increasing EXIM engagement in the region, and growing transpacific export oriented industry that historically was the hallmark of the Marianas,” said Congressman San Nicolas.
Others participating in the event were:
- Catherine Castro, President and CEO, Guam Chamber of Commerce.
- Sandra Donzella, Deputy Managing Director — EXIM’s Western Regional Office.
- Eugene Uhm, EXIM Business Development Specialist.
“Trade among our island nations has been an integral part of our history for thousands of years,” said Castro of the Guam Chamber of Commerce. “We appreciate today’s partnership with EXIM Bank to explore export opportunities beyond the islands and for sharing this program as a resource for our businesses in Guam and the CNMI.”
The speakers outlined opportunities to support small businesses with EXIM’s export financing that can help them increase current sales or expand into new markets. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales and offer credit terms to foreign buyers.
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.