With Two Months Left In Fiscal Year Final Total Will Climb
FOR IMMEDIATE RELEASE August 3, 2011
Phil Cogan, (202) 565-3200
Washington, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank) has set a new all-time record for export finance authorizations. Today, for the first time, loan authorizations will exceed $ 24.5 billion. And with two months still remaining in the fiscal year the total Ex-Im authorizations will continue to grow. Ex-Im Bank financing supports over $ 31.5 billion of export sales and 213,000 American jobs in communities across the country. Included are 2,548 small business export finance transactions.
In fact, a transaction involving a small business customer new to Ex-Im pushed the Bank over the top today when the board of directors approved a $57.8 million loan guarantee benefiting Royal Equipment of Conroe, Texas. The 25-employee company is providing equipment and services to remanufacture 22 off-highway mining trucks for the buyer, Australia's Downer EDI Mining Pty. Ltd. The sale is the largest in Royal's history.
This fiscal year's authorizations to date represent a 70 percent increase over the Bank's Fiscal Year 2008 total of $14.4 billion.
Today Ex-Im Bank set an authorizations record for a third-straight year, said Fred P. Hochberg, chairman and president of Ex-Im Bank. Coupled with overall U.S. exports being up over 16 percent, the Nation is on pace to achieve President Obama's goal of doubling exports by 2015. That's great news for 213,000 American workers, American businesses and the U.S. economy.
Buyers in Colombia, Turkey and India led the list of countries with the highest Ex-Im Bank export finance authorizations by total dollar amounts. All three countries are among the nine identified by the Bank as offering the greatest potential sales for American exporters. The other countries on the list are Brazil, Mexico, Indonesia, Vietnam, Nigeria, and South Africa.
The Bank's previous export finance authorizations record was set during the last fiscal year, which ended September 30, 2010. The Bank's export portfolio is now $82.4 billion as of the end of June.
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.
By charging fees and interest on all loan-related transactions, Ex-Im Bank is self-sustaining and is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past five years; so far this fiscal year the Bank has earned an additional $275 million for American taxpayers.
For more information, visit Ex-Im Bank's Web site at www.exim.gov. Small businesses interested in learning about how Ex-Im Bank financing products support U.S. small business export sales should view the information at www.exim.gov.