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EXIM Approved 161 Small Business Authorizations Totaling Nearly $139 Million and Supporting 800 U.S. Jobs in March

EXIM Continues to Provide Critically Needed Support to U.S. Small Businesses Contending with the Historic Challenge of COVID-19

FOR IMMEDIATE RELEASE May 4, 2020

Media Contact Name/Phone: 

Office of Communications (202) 565-3203

WASHINGTON – In March, the Export-Import Bank of the United States (EXIM) approved 161 authorizations totaling $138.8 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 March 2020.

This total includes $134.6 million of short-term authorizations and $4.2 million of medium-term authorizations supporting small businesses.

“Now, more than ever, EXIM stands ready to support America’s small businesses and workers as they seek to export their outstanding ‘Made in the USA’ goods and services to the global marketplace during this very challenging time,” said EXIM President and Chairman Kimberly A. Reed. “To that end, EXIM is raising awareness about its programs – including export credit insurance, working capital guarantees, loan guarantees, and loans – and numerous COVID-19-related relief measures with diverse small-business exporters and potential exporters, as well as the brokers and financial institutions who assist them. We also encourage small-business exporters to reach out directly to EXIM if they need assistance.”

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 March.

Since the onset of the COVID-19 (coronavirus) pandemic, EXIM has announced a series of relief measures for U.S. exporters and financial institutions, including U.S. small businesses. Complete information is available on EXIM’s Coronavirus Response webpage. Please contact EXIM for more small-business exporter support.

To see how small businesses from every state are using EXIM products, view success stories online.

EXIM Authorizations March 2020

EXIM Product

Total (in millions)

Short-Term (in millions)

Medium-Term (in millions)

Long-Term (in millions)

Export Credit Insurance

$ 163.3

$ 159.5

$ 3.8

Working Capital Guarantees

$ 19.7

$ 19.7

Guarantees and Loans

$ 130.5

$ 12.2

$ 118.3

Total

$ 313.5

$ 179.2

$ 16.0

$ 118.3

Small Business/MWOB

Small Business

$ 138.8

$ 134.6

$ 4.2

Minority and Women-Owned Business

$ 17.7

$ 17.7

$ 0.0

Top Industry

Manufacturing

$ 130.5

$ 125.6

$ 4.9

ABOUT EXIM:

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.