Outlines Trade Finance Tools During The Future of Business Virtual Events Series
FOR IMMEDIATE RELEASE October 8, 2020
Office of Communications (202) 565-3203
WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed delivered prerecorded remarks today to more than 350 registrants of a webinar sponsored in partnership with the White House Initiative on Asian Americans and Pacific Islanders (WHIAAPI), highlighting how Asian Americans and Pacific Islanders (AAPI) can utilize EXIM support to expand their exporting opportunities.
During the event, Chairman Reed underscored how U.S. 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. The webinar was part of WHIAAPI’s The Future of Business Virtual Events Series, aimed at connecting AAPI business owners and entrepreneurs to federal resources and opportunities.
“EXIM wants to support Asian American and Pacific Islander entrepreneurs and business owners grow and gain greater success through exporting, the way so many American firms have done.” said Chairman Reed. “EXIM fills gaps in private export finance in order to bolster U.S. job growth. We provide trade financing solutions such as export credit insurance and working capital guarantees to small businesses to empower them to export their goods and services.”
Others participating in the event were Commissioner Prem Parameswaran of the President’s Advisory Commission on AAPIs, and Michael K. Jackson, Business Development Specialist in EXIM’s Minority- and Women-Owned Business Outreach Group.
“Thank you for this very informative session with the Export-Import Bank of the United States,” said Commissioner Parameswaran. “We certainly are grateful that WHIAAPI and EXIM put together this very important series of virtual events to share resources and opportunities from the federal government to the AAPI business community.”
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.
“Here are WHIAAPI, we are glad to highlight business tools and resources from EXIM,” said Tina Wei Smith, WHIAAPI Executive Director. “It is also very fitting that we are doing this session this week as President Donald J. Trump has designated this week as Made in America Week.”
The WHIAAPI works to broaden AAPI access to economic resources and opportunities and thus empower AAPIs to improve the quality of their lives, raise the standard of living of their families and communities, and more fully participate in the economy.
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.