EXIM Board of Directors Unanimously Approves Make More in America Initiative
WASHINGTON – The Export-Import Bank of the United States (EXIM) Board of Directors, led by President and Chair Reta Jo Lewis, today unanimously voted to approve the Make More in America Initiative, a new tool that will unlock financing for American manufacturing, strengthen America’s global competitiveness, close critical supply chain gaps, and support American jobs. Upon passage through EXIM’s Board, Make More in America will immediately make available the agency’s existing medium- and long-term loans and loan guarantees for export-oriented domestic manufacturing projects as part of President Biden’s whole-of-government efforts to strengthen the resiliency and security of America’s supply chains.
“The Make More in America Initiative will create new financing opportunities that spur manufacturing in the United States, support American jobs and boost America’s ability to compete with countries like China,” said EXIM President and Chair Reta Jo Lewis. “The global pandemic and other recent events have exposed supply chain gaps in critical sectors like advanced manufacturing and renewable energy. EXIM’s Make More in America Initiative will be a key tool in tackling these issues, and it will ultimately help America manufacture more and export more.”
“From Day One, President Biden has prioritized addressing the longer-term weaknesses in our nation’s supply chains, the result of decades of underinvestment, outsourcing, and offshoring,” said Peter Harrell, Special Assistant to the President and National Security Council Senior Director for International Economics and Competitiveness. “To solve this problem, America needs to leverage every one of our nation’s tools, and I am pleased that EXIM has moved this initiative forward.”
The Make More in America Initiative was developed in response to President Biden’s Executive Order 14017 on American Supply Chains and provides American manufacturers – particularly small- and medium-sized businesses – new access to capital to fill critical supply chain gaps. The initiative will incentivize applications in environmentally beneficial, small business and transformational export transactions (including semiconductors, biotech and biomedical products, renewable energy, and energy storage). The financing tool makes available EXIM’s existing medium- and long-term loans and loan guarantees to American manufacturing projects that export.
Make More in America financing, which complements EXIM’s existing foreign buyer financing programs and other government programs, will spur growth and security of critical supply chains in ways that support meeting EXIM’s core mission of supporting U.S. jobs.
Through the important leadership of EXIM Board Director Congressman Spencer Bachus, the Initiative received an amendment prior to Board approval. The amendment strengthened transparency and Congressional reporting measures by requiring Board approval for any changes to the Initiative and providing Congress advance notice of any domestic finance transaction over $50 million – in addition to EXIM’s statutory requirement to notify Congress for all traditional transactions over $100 million.
To learn more about this initiative and/or apply for Make More in America financing, visit EXIM’s website.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov