Outlines Additional Temporary U.S. Business Relief Measures for More Than 400 Diverse Registrants
FOR IMMEDIATE RELEASE March 26, 2020
Office of Communications (202) 565-3201
WASHINGTON – President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed yesterday hosted a teleconference for more than 400 diverse registrants—including business, financial institution, trade association, and other external stakeholders; local, state, and federal government officials; academia; and EXIM Advisory Committee and Sub-Saharan Africa Advisory Committee members—to outline EXIM’s temporary relief measures put in place for American businesses and workers impacted by the COVID-19 outbreak.
This stakeholder teleconference immediately followed and underscored the outcomes from an EXIM Board of Directors open meeting teleconference that included Chairman Reed, Board Members Spencer Bachus III and Judith Pryor, ex officio Board Members U.S. Secretary of Commerce Wilbur Ross and United States Trade Representative Ambassador Robert Lighthizer. Building on EXIM temporary relief measures announced on March 12 to assist small businesses, the Board today unanimously approved a resolution in support of additional temporary programs, including bridge financing, pre-delivery/pre-export financing, supply chain financing guarantee, and work capital guarantee programs.
Also participating in the stakeholder teleconference was EXIM Chief Banking Officer Steve Renna, who outlined EXIM’s just-announced temporary relief measures, and Senior Vice President of External Engagement Luke Lindberg, who moderated a question-and-answer section of the call.
“EXIM was created to step in during challenging times like this and plays an important role in a strong whole-of-government response,” said Chairman Reed. “As we focus on the well-being of our nation’s businesses, workers, and families, our external stakeholders will help us make an even greater positive impact and we thank them for their engagement.”
“EXIM’s goal is to prevent a liquidity crisis for U.S. exporters from becoming a solvency crisis,” said Renna. “EXIM has responded with immediate relief measures for our existing clients and measures to provide additional financing options so export transactions can proceed throughout the COVID crisis and beyond.”
You can listen to the full teleconference here.
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.