Outlines Trade Finance Tools in Remarks to American Samoa Chamber of Commerce, American Samoa Department of Commerce, and American Samoa Small Business Development Center
FOR IMMEDIATE RELEASE September 21, 2020
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WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed delivered prerecorded remarks Friday to more than 35 registrants of a webinar hosted in partnership with the American Samoa Chamber of Commerce, American Samoa Department of Commerce, and American Samoa Small Business Development Center (SBDC), highlighting how businesses can utilize EXIM support to expand their exporting opportunities.
During the virtual event, Chairman Reed underscored how American Samoa businesses, particularly small businesses, can leverage EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs.
“We at EXIM want to show businesses on the islands of American Samoa how exporting can help them reach new customers and bring them to new heights of success,” said Chairman Reed. “Agriculture and food are mainstays of the islands’ economy. Given my extensive background in food and agriculture, I ensured that it is a priority at EXIM to support U.S. agricultural and rural business exports. We want U.S. agribusiness supply chains to ‘go global,’ and EXIM stands ready to support those who make our nation’s great food exports possible wherever they may be.”
Others participating in the event were Ella Gurr, Chairwoman of the American Samoa Chamber of Commerce, and Sandra Donzella, Deputy Managing Director of EXIM’s Western Regional Office.
“The American Samoa Chamber of Commerce is pleased to work with EXIM to foster business and community growth and development and to support economic programs and help expand economic potential of all businesses within American Samoa,” said Ella Gurr of the American Samoa Chamber of Commerce.
“We are here to help local exporters reach beyond the U.S. markets by leveraging the expertise of resource partners such as the Small Business Administration and EXIM Bank with the overall goal of expanding our economy,” said Jason M. Betham, Sr., State Director of the American Samoa SBDC.
The speakers outlined opportunities to support small businesses with EXIM’s export financing that can enable them to increase current sales or expand into new markets. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales and offer credit terms to foreign buyers, and access working capital loan guarantees. They also underscored EXIM’s COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
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.