Ex-Im Bank Chairman Joins President Obama in Seattle for Announcement
FOR IMMEDIATE RELEASE February 16, 2012
Jamie Radice (202-565-3200)
Seattle, Wash. - More small business exporters throughout the United States will have access to revolving credit, thanks to a new product unveiled today by the Export-Import Bank of the United States (Ex-Im Bank). Fred P. Hochberg, the chairman and president of Ex-Im Bank, joined President Obama in Seattle to outline details about the new product: Global Credit Express (GCE).
Global Credit Express is an innovative product that will help small business exporters obtain the financing they need to improve their bottom line and succeed in a highly competitive global economy, said Chairman Hochberg. This new product will provide additional liquidity for eligible American exporters and access to financing at a reasonable cost.
Through GCE, small business exporters may be eligible for a revolving line of credit, up to $500,000 for 6 to 12 months. During the program's pilot phase, an initial $100 million in financing will be made available through a select number of lenders nationwide. Following the pilot, the Bank will evaluate the results of this direct loan program and determine whether to increase the available amount. The product is specially designed to finance the business of exporting rather than specific export transactions.
Small business exporters interested in applying for financing through GCE can contact the Bank by calling toll-free to 1-800-565-EXIM (3946) and selecting option 2.
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.