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Ex-Im Bank Establishes Direct Access for Veteran-Owned Small Businesses Seeking Export Financing

FOR IMMEDIATE RELEASE November 10, 2011

Media Contact Name/Phone: 

Jamie Radice: 202-565-3200

Washington, DC - The Export-Import Bank of the United States (Ex-Im Bank), today affirmed its strong commitment to veteran's outreach by announcing a direct line for business owners who are armed forces veterans. Former service members who are interested in exporting their products overseas may contact Gus Grace, the Bank's director of Veterans Relations, at 202-565-3910. Ex-Im's goal is to bring government agencies, industry leaders, and veteran entrepreneurs together to provide financing to veteran-owned businesses that export.

This Veterans Day, there is no better way to honor our nation's veterans than by ensuring they receive support when they complete their service, said Ex-Im Bank Chairman Fred P. Hochberg. Ex-Im Bank has expanded its veteran's outreach program, and we are committed to providing veteran entrepreneurs with the tools they need to succeed in today's global economy.

Disparities in capital access for veteran-owned firms are well-documented and Ex-Im Bank has a dedicated team to help tackle this problem. The Bank is working to reach more veteran-run small businesses and to support their export financing requirements. Under the leadership of Chairman Hochberg, the Bank has expanded its veteran's database to include more than 200 veteran-owned businesses and organizations.

Featured Veteran Small Business Transaction:
Cameron Lumber Company (CLC) is a veteran-owned, small business located in Cameron, South Carolina. CLC has spent the last 60 years producing timbers and lumber from southern yellow pine and it now exports to 15 countries, including Egypt and Jordan. The company benefited from Ex-Im Bank's Express Multi-Buyer Insurance Policy in June 2011. With the ability to extend terms to its customers, the company hopes to prevent layoffs.

I attended a seminar in Charleston with Ex-Im Bank, where I received export assistance. Since then, Ex-Im Bank has allowed our company to extend better credit terms to our customers, said Randy Hunt, Vice President of CLC.

About Export-Import 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 is a self-sustaining agency that receives no net appropriation from the U.S. Congress and charges interest and fees to fund its transactions.

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 more than $32 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 authorizations are supporting more than $40 billion in U.S. export sales and an estimated 300,000 American jobs in communities across the country. For more information, visit //www.exim.gov.