FOR IMMEDIATE RELEASE August, 24, 2018
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 the areas of Hawaii that have been declared federal disaster areas by the Federal Emergency Management Agency due to the effects of Hurricane Lane.
“The people of the Export-Import Bank extend our thoughts and prayers to everyone who is being affected by this storm and will be coping with the aftermath,” said Ambassador Jeffrey D. Gerrish, EXIM’s acting president and chairman of the board of directors. “We want to give our customers time to get back on their feet. Therefore, we’re extending the periods of working capital facilities and the deadlines of insurance policies and claims filings. We hope that these measures will be particularly beneficial to our small-business customers during the recovery.”
EXIM is offering assistance measures to customers in the areas affected by Hurricane Lane 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 assistance in areas of states affected by hurricanes in previous years, including Hurricane Harvey in 2017.
For a full list of current 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 24, 2018, and February 24, 2019. 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 February 25, 2019.
- 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 February 25, 2019, of all claim-filing deadlines that arise between August 24, 2018, and February 24, 2019.
- Shipment reporting and premium payment deadlines will be automatically extended to February 25, 2019, for all shipments made during July and August 2018.
- EXIM will provide flexibility in claims analysis and automatic policy renewal for policies that terminate between August 24, 2018, and February 24, 2019.
ABOUT EXIM BANK:
EXIM is an independent and self-sustaining federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country.
Since 2000, EXIM has provided $14.6 billion to the U.S. Treasury after paying for all of its administrative and program expenses.
For more information about EXIM, please visit www.exim.gov.