EXIM’s Working Capital Guarantees, Export Credit Insurance, and Other Tools Can Help America’s Small Business Exporters Succeed in Challenging Times
FOR IMMEDIATE RELEASE March 19, 2020
Office of Communications (202) 565-3203
WASHINGTON – In February, the Export-Import Bank of the United States (EXIM) approved 142 authorizations totaling $164 million in support of American small businesses that export “Made in the USA” products around the world. These small-business related authorizations supported a preliminary estimate of 800 U.S. jobs in February 2020.
This total includes $139.4 million of short-term authorizations and $24.6 million of medium-term authorizations.
“Given the current challenges related to the COVID-19 global pandemic and importance of supporting global trade and investment, EXIM stands ready to help our nation’s businesses and workers, especially America’s small businesses,” said EXIM President and Chairman Kimberly A. Reed. “EXIM’s financial solutions, including working capital guarantees and export credit insurance, are important tools to help America’s small business exporters facilitate international sales and remain competitive in the global marketplace. We encourage U.S. small business exporters to reach out if EXIM can be of help in any way.”
In recent years, nearly 90 percent of EXIM’s authorizations have supported small businesses, and as part of EXIM’s recent reauthorization, Congress directed EXIM to build on the agency’s robust support of small business even further. In an effort to increase awareness and transparency about this strengthened commitment to small business, EXIM now publishes online a complete list of transactions since a quorum of the Board of Directors was restored in May 2019. Below is a summary of overall small business activity in February.
Separately, EXIM recently announced relief measures for U.S. exporters and financial institutions, including U.S. small businesses, due to the anticipated effects of the COVID-19 (coronavirus) outbreak. A fact sheet with relief provision details and EXIM program points of contact is available here.
To see how small businesses from every state are using EXIM products, view success stories online.
EXIM Authorizations February 2020
|EXIM Product||Total (in millions)||Short-Term (in millions)||Medium-Term (in millions)||Long-Term (in millions)|
|Export Credit Insurance||$ 175.4||$ 171.3||$ 4.2||–|
|Working Capital Guarantees||$ 8.4||$ 8.4||–||–|
|Guarantees and Loans||$ 74.7||–||$ 30.6||$ 44.1|
|Total||$ 258.5||$ 179.7||$ 34.8||$ 44.1|
|Small Business||$ 164.0||$ 139.4||$24.6||–|
|Minority and Women-Owned Business||$ 46.0||$ 46.0||–||–|
|Manufacturing||$ 113.3||$ 109.1||$4.2||–|
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.