New Agreement Creates Collaboration to Help Small Businesses Reach Customers Overseas
FOR IMMEDIATE RELEASE November 7, 2013
Media Contact: Jamie Radice (202-565-3200)
Washington, DC - The Export-Import Bank of The United States (EXIM Bank) and FedEx have announced an innovative new alliance that will help U.S. small and medium-sized businesses (SMEs) reach the 95% of the world's customers who live overseas.
EXIM Bank and FedEx signed an agreement in Washington, D.C. outlining their commitment to providing U.S. exporters increased access to EXIM Bank products and services. As part of this agreement, FedEx international customer representatives will make their clients aware of the Bank's abilities to protect against the risk of nonpayment and to extend credit to buyers, eliminating the need for expensive letters of credit or cash-in-advance payments. Customers who are interested in this service will then be connected to EXIM Bank's managers for trade finance counseling.
The first steps for a business as it expands to international markets can be daunting. We are helping clear the hurdles for small and medium size businesses to access the 95% of the world's population outside of U.S. borders. With this alliance, FedEx sales and marketing will now have additional valuable resources they can share with our customers to help them grow their business through exports, said Michael Ducker, Chief Operating Officer and President, International FedEx Express. It complements the alliance we have established with the U.S. Commercial Service to assist our customers with locating markets for business expansion.
Ex-Im Bank is an example of government operating at the speed of business, and there is nothing that moves faster than businesses like FedEx, said Ex-Im Bank Chairman and President Fred Hochberg. This alliance with FedEx will help businesses increase sales, create jobs, and succeed in international markets.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $45 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain absolutely, positively focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.