Seeks To Expand Export Financing Opportunities For Small Businesses
FOR IMMEDIATE RELEASE September 22, 2005
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) and the National Credit Union Administration (NCUA) today signed a memorandum of cooperation aimed at strengthening financing support for U.S. small business exporters.
The agreement was signed at Ex-Im Bank headquarters by Ex-Im Bank Chairman and President (Acting) James H. Lambright and NCUA Chairman JoAnn Johnson.
Expanding U.S. small business exports is one of Ex-Im Bank's highest priorities, Lambright said at the signing ceremony. This agreement will enable us to reach out to more small businesses than we've ever had the ability to reach before. There are about 9,000 federally chartered credit unions with 84 million members nationwide. A substantial portion of those members are small business owners.
Under the agreement, Ex-Im Bank and NCUA will exchange information and coordinate activities in order to heighten awareness of Ex-Im Bank financing products among credit unions and their small business members. NCUA will identify specific credit unions and members best suited for Ex-Im Bank financing.
Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2004, Ex-Im Bank supported $17.8 billion of U.S. exports to markets worldwide. For more information, visit www.exim.gov.
The National Credit Union Administration (www.ncua.gov), governed by a three-member board, is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 84 million account holders in all federal credit unions and many state-chartered credit unions.