FOR IMMEDIATE RELEASE May 24, 2012
Phil Cogan or Jamie Radice (202-565-3200)
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) today announced a new policy to increase U.S. aviation-industry exports. Ex-Im will now finance transactions of U.S.-produced goods and services for aftermarket (post-manufacturing) use on foreign-manufactured aircraft.
The new policy will expand Ex-Im financing to benefit suppliers of many different products and services, including escape slides, flight simulators, entertainment systems and maintenance services. Ex-Im Bank also may now consider support for exports by a U.S. small business to a foreign aircraft manufacturer.
Ex-Im policy will continue to prohibit the Bank from financing non-small-business sales of capital goods, services and major component sales to large-foreign-aircraft manufacturers.
“Upon careful consideration and review, we have determined that it is in the best interest of U.S. exporters, and small businesses in particular, for Ex-Im Bank to be able to finance aftermarket sales to airlines to outfit or service their foreign aircraft,” said Fred P. Hochberg, chairman and president of the Ex-Im Bank. “Airlines need to purchase parts and services for their aircraft, and we want them to buy American. This new policy will strengthen our support for the U.S. aviation industry, particularly for small businesses seeking to grow through exporting.”
Chairman Hochberg added that the Bank will continue its strong support for U.S aircraft export sales to meet tough global competition.
In fiscal year 2011, Ex-Im Bank authorized more than $12.6 billion in financing to support the export of U.S.-made aircraft of all types, including $10.8 billion in support of commercial aircraft sales to a total of 21 countries.
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. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. 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 approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.