FOR IMMEDIATE RELEASE September 1, 2005
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) today announced relief provisions for exporters and financial institutions located in those portions of Mississippi, Louisiana and Alabama that have been declared federal disaster areas by the Federal Emergency Management Agency.
Ex-Im Bank recognizes that the business interests of those exporters, especially small businesses, and financial institutions located in the affected areas will understandably be secondary to more urgent personal concerns over the coming weeks and months, said Ex-Im Bank Chairman and President (Acting) James H. Lambright in a statement.
The Bank is offering the following relief measures to allow businesses and financial institutions that participate in Ex-Im Bank financing programs to return to their business concerns when appropriate and without penalty (please go to www.exim.gov to learn about additional relief measures and details):
- For Ex-Im Bank-guaranteed working capital loan facilities maturing between Aug. 29, 2005, and Feb. 28, 2006, the Bank is offering automatic extension of the loan facility for up to six months. It also is offering six-month automatic extension to repay the loan facility. In certain circumstances, the Bank will consider waiving the loan facility fee. The Bank also will extend claim-filing deadlines.
- For its Multibuyer Insurance Program, Ex-Im Bank will extend to March 1, 2006 all claim-filing deadlines arising between Aug. 29, 2005, and February 28, 2006. Shipment reporting and premium payment deadlines will be automatically extend to March 1, 2006, for all shipments made during July and August 2005. There will be flexibility in claims analysis and automatic policy renewal for policies that terminate between Aug. 29, 2005, and Feb. 28, 2006.
For Short and Medium-Term Single Buyer Insurance Programs and Ex-Im Bank's Medium-Term Guarantee Program, all claim-filing deadlines that arise between Aug. 29, 2005, and Feb. 28, 2006, will be automatically extended to March 2, 2006. Expiry dates, shipment reporting deadlines and premium payment deadlines also will be automatically extended to March 1, 2006.
Financial institutions in the affected areas should contact Ex-Im Bank to see how we can help ease insurance-related obligations.
Customers encountering any shipment problems, payment difficulties or other business interruptions caused by Hurricane Katrina should contact: Jean Fitzgibbon for short-term multibuyer policies (202-565-3620); Jeffrey Abramson for other insurance policies (202-565-3412); Pam Bowers for the Working Capital Program (202-565-3792); and Patrick Crilley in Ex-Im Bank's Houston Regional Office for all programs (281-721-0465).
Ex-Im Bank, the official export credit agency of the United States, is in its 71 st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2004, Ex-Im Bank supported $17.8 billion of U.S. exports to markets worldwide. For more information, visit www.exim.gov.