FOR IMMEDIATE RELEASE August 30, 2017
Linda Formella (202-565-3204)
Washington, D.C. – Today the Export-Import Bank of the United States (EXIM) announced that the agency is extending provisions to assist U.S. exporters and financial institutions located in those areas of Texas and Louisiana that have been declared federal disaster areas by the Federal Emergency Management Agency due to the effects of Hurricane Harvey.
“The people of the Export-Import Bank extend our thoughts and prayers to all those affected by this storm and thank our fellow Americans who are dedicating their time to help neighbors in need,” said EXIM Acting Chairman and President Charles J. Hall. “As our customers cope with the impact of this devastating storm, EXIM stands ready to help these valued businesses get back on their feet. We hope that these measures especially benefit small businesses during the recovery period, and therefore we’re extending the time frames of working capital facilities and the deadlines of insurance policies and claims filings.”
EXIM is offering relief measures to customers in the areas affected by Hurricane Harvey 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. EXIM offered similar relief in areas of states affected by Hurricanes Katrina and Rita in 2005 and by Hurricane Sandy in 2012.
For a full list of current relief measures, please see the fact sheet. Highlights include:
Working Capital Guarantee Program
- EXIM will offer automatic extension for up to six months for working capital loan facilities maturing between August 28, 2017, and February 29, 2018. The extension applies to both the loan facility and the related loan facility fee, which may be waived in certain circumstances. Claim-filing deadlines involving EXIM-backed working capital loans in the affected areas are automatically extended until March 1, 2018.
- The Bank is also offering a waiver of provisions relating to both defaults and replenishment of collateral for over advances resulting from losses of inventory or sales.
Multibuyer and Single-Buyer Insurance Programs/Medium-Term Guarantee Program
- EXIM will offer automatic extension to March 1, 2018, of all claim-filing deadlines that arise between August 28, 2017, and February 28, 2018.
- Shipment reporting and premium payment deadlines will be automatically extended to March 1, 2018, for all shipments made during July and August 2017.
- EXIM will provide flexibility in claims analysis and automatic policy renewal for policies that terminate between August 28, 2018, and February 28, 2018.
ABOUT EXIM BANK:
EXIM Bank is an independent federal agency that helps create, support, and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost 90 percent of the bank’s transactions directly serve American small businesses.
In fiscal year 2016 (October 1, 2015, through September 30, 2016), EXIM approved $5 billion in total authorizations to support an estimated $8 billion of U.S. export sales. Since FY 2009, EXIM has supported more than 1.4 million American jobs in communities across the country and sent $3.8 billion in revenue to the U.S. Treasury for deficit reduction.
For more information about EXIM, please visit www.exim.gov.