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EXIM Chairman Reed Highlights Trade Financing Solutions for Small Businesses in Utah

Partners with World Trade Center Utah, a Member of EXIM’s Regional Export Promotion Program

FOR IMMEDIATE RELEASE September 23, 2020

Media Contact Name/Phone: 

Office of Communications (202) 565-3203

WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today delivered prerecorded remarks to more than 100 registrants of a webinar hosted in partnership with the World Trade Center Utah, a member of EXIM’s Regional Export Promotion Program (REPP), underscoring how businesses can leverage EXIM support to expand their exporting opportunities.

During the virtual event, Chairman Reed outlined how Utah 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. She also reviewed EXIM’s COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions, which work alongside existing programs.

“EXIM wants Utah companies of all sizes — no matter how small the business — to attain their full potential and gain greater success through exporting, the way so many American firms have done,” said Chairman Reed. “EXIM provides trade financing solutions to empower small businesses to export their goods and services. As the economy recovers and reopens after COVID-19, EXIM can help American businesses achieve their greatest successes ever in the months and years ahead.”

Since 2014, EXIM has supported Utah exports valued at more than $119 million from 23 companies, including 20 small businesses, across the state. That includes Mango Enterprises in Sandy, Utah, a small business that develops international trade relationships and operations for other U.S. companies, primarily in the Middle East and North Africa regions. The company uses EXIM’s export credit insurance to extend open-account credit terms to its customers. Since 2016, EXIM has supported more than $3 million of the company’s exports.

“EXIM has provided us with the ability to take our business to the next level,” said Tarek Mango, President of Mango Enterprises, who also spoke during the webinar. “They are a great resource for American businesses involved in overseas markets.”

Others participating in the event were:

  • Nicole Sherwood, Director of Grants and Operations and STEP Project Director for the World Trade Center Utah.
  • Paul Duncan, EXIM Western Regional Director.
  • Aerek Stephens, EXIM Business Development Officer.

“Our shared goal to expand revenue growth through exporting makes for a strong partnership with EXIM’s Regional Export Promotion Program (REPP),” said Nicole Sherwood of the World Trade Center Utah. “Together, we bring hands-on trade financing solutions to Utah businesses to create the necessary tools for them to be competitive internationally.”

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.

The World Trade Center Utah, located in Salt Lake City, is a member of REPP, which brings cities, counties, states, and local nonprofit economic development entities together with EXIM in a partnership designed to expand export opportunities. REPP members have local market knowledge and the ability to personally reach companies, serving as vital resources to connect EXIM with businesses that want to reach international markets. With 56 members in 35 states and two U.S territories, the program has yielded more than $25 million in new authorizations though direct referrals, connecting small businesses to the global economy.

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.