Ex-Im Bank Doubles Export Loan Authorizations to $13.2 Billion; Record-Setting Pace of Export Financing Continues
WASHINGTON —- Export loan authorizations by the Export-Import Bank of the United States (Ex-Im Bank) more than doubled to $13.2 billion during the first half of the current fiscal year. That is a 125 per cent increase compared to the record $5.9 billion authorized during the same period in Fiscal Year 2009.
An estimated 109,000 American jobs have been supported by the Bank's financing this fiscal year to date, compared to about 61,000 jobs supported during the same period last fiscal year.
Small business export loan authorizations have increased half a billion dollars during the same period to $2.3 billion, 28 per cent greater than the first half of FY2009.
Working with private lenders we are helping U.S. exporters put Americans to work producing the high quality goods and services that foreign buyers prefer, said Fred P. Hochberg, chairman and president of Ex-Im Bank. As part of President Obama's National Export Initiative, Ex-Im Bank's export financing is contributing to the goal of doubling of U.S. exports within the next five years.
The 2010 first-half figures are the latest in a series of records set by Ex-Im Bank while addressing tightened liquidity in the marketplace. In fiscal 2009, total Ex-Im Bank authorizations came to $21 billion while authorizations for small business exporters totaled $4.36 billion, both historic highs.
Export financing for buyers of U.S. goods and services sold in Asia increased from $456 million last year to $1.9 billion so far this fiscal year; all other regions in the world posted increases this fiscal year except Africa where exports are roughly even.
Ex-Im Bank receives no appropriations from Congress, paying for its operations from the interest and fees it collects. As of March 31, 2010, the self-sustaining Bank's FY2010 receipts in excess of costs totaled $162.6 million.
Ex-Im Bank is the official export-credit agency of the United States. The independent federal government agency helps to create and maintain U.S. jobs by financing the sales of U.S. exports, primarily to emerging markets throughout the world, providing loan guarantees, export-credit insurance and direct loans. More information is available on the Bank's web site at www.exim.gov.