FOR IMMEDIATE RELEASE September 5, 2019
Office of Communications (202) 565-3204
Washington, D.C. – Today the Export-Import Bank of the United States (EXIM) announced that the agency is extending measures to assist U.S. exporters and financial institutions located in states that may be declared federal disaster areas by the Federal Emergency Management Agency (FEMA) due to the anticipated effects of Hurricane Dorian.
EXIM’s Hurricane Dorian assistance is in accord with the agency’s general policy of offering help to customers in all areas of the United States that are declared federal disaster areas by FEMA.
“We at EXIM are concerned about our customers and everyone who may be in the path of this potentially destructive storm. Our thoughts and prayers are with them. We want them to focus on their safety and other immediate needs at this time and in the aftermath of the storm,” said EXIM President and Chairman Kimberly A. Reed.
“As with past severe storms, we want our customers—especially those who are small business owners—and their lenders to be able to address their pressing concerns and without worry about meeting EXIM’s deadlines. To this end, we are extending the periods of our working capital facilities and the deadlines of insurance policies and claims filings in the affected areas. We hope that these measures will be beneficial during the recovery period,” Reed added.
EXIM is offering assistance measures in the areas affected by Hurricane Dorian for an initial period of six months to allow businesses and financial institutions that participate in EXIM’s programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.
For a full list of current measures, please see the fact sheet. Highlights include:
Working Capital Guarantee Program
- EXIM is offering automatic extension for working capital loan facilities that mature between the start date of the declared disaster by FEMA and 180 days later. The extension applies to both the loan facility and the related loan facility fee, which may be waived in extraordinary circumstances. Claim-filing deadlines involving EXIM-backed working capital loans in the affected areas are automatically extended for up to 180 days upon request to pay the related loan facility fee.
- The agency is also offering waiver of program requirements with which parties cannot reasonably comply under the circumstances, waiver of defaults for nonpayment of interest up to 180 days, and waiver of provisions relating to both defaults and replenishment of collateral for over-advances resulting from losses of inventory or sales.
Short- and Medium-Term Insurance Programs
- EXIM is offering automatic policy renewal for multibuyer policies that terminate during the incident period of the declared disaster, as defined by FEMA.
- Shipment reporting and premium payment deadlines for all shipments made during the incident period will be automatically extended up to 180 days from the start of the declared disaster.
- EXIM will provide flexibility in claims analysis and automatic policy renewal for policies that terminate during the incident period of the declared disaster, as defined by FEMA.
ABOUT EXIM BANK:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. 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, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.