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EX-IM BANK EXPANDS WOMEN-OWNED & MINORITY BUSINESS OUTREACH

Tamara Maxwell new Minority Business Development Officer to Assist with Export Financing

FOR IMMEDIATE RELEASE October 28, 1999

Media Contact Name/Phone: 

Ken Murphy (202) 565-3200

Washington, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) has named Tamara Maxwell to its newly-created position of Minority Business Development Officer to work directly with minority and women-owned businesses in an effort to increase export financing and sales for this important and growing business sector.

Ex-Im Bank provides US exporters with financing through three main products loans, guarantees and insurance. Using an Ex-Im Bank export credit insurance policy to insure open account payment terms can be the most attractive payment option for foreign customers and often leads to winning a sales contract.

Ex-Im Bank`s Working Capital Guarantee allows local qualified commercial lenders to make loans to US exporters to purchase raw materials and finished goods for export, to pay for materials, labor and overhead to produce goods for export, and to cover stand-by letters of credit, and bid and performance bonds.

Wildflower International Inc., Sante Fe, New Mexico, is an example of a small women-owned exporter that has successfully used Ex-Im Bank`s insurance programs to significantly expand its export sales to customers in Mexico, Israel and Saudi Arabia. The company`s largest sale ever was secured with the help of Ex-Im Bank`s export credit insurance.

Jo-Jo`z Enterprises, a small minority-owned company in Walnut, California, increased its export from $4.4 million to $6.28 million in one year utilizing Ex-Im Bank`s small business insurance .

Dantzler Lumber, of Miami, Florida, a small company that exports lumber and plywood, used an Ex-Im Bank working capital revolving loan of $5,000,000 from General Electric Capital Corporation to fill growing orders from such countries as Antigua, Dominican Republic and Jamaica.

Ex-Im Bank is an independent government agency that supports the financing of US exports. In fiscal year 1999, Ex-Im Bank supported nearly $17 billion worth of US exports sold worldwide.

For more information contact: Tamara Maxwell 800-565-EXIM or at tammy.maxwell@exim.gov.