FOR IMMEDIATE RELEASE April 25, 2019
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 areas of Ohio that may be declared federal disaster areas by the Federal Emergency Management Agency due to the effects of flooding in the Midwest.
“We at EXIM are very concerned for our customers and everyone who has been affected by the severe flooding in the Midwest,” said Ambassador Jeffrey D. Gerrish, EXIM chairman and president (acting). “We want our customers and their lenders in the affected areas of Ohio to concentrate on prioritizing their immediate needs. For this reason, we’re extending the periods of our working capital facilities and the deadlines of insurance policies and claims filings to customers in the affected areas. We hope that these measures will be especially beneficial to our small business customers during the recovery.”
EXIM is offering assistance measures to Ohio customers in the areas affected by the flooding 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 also has offered similar assistance customers in Iowa and Nebraska who were affected by flooding.
For a full list of current measures, please see the fact sheet. Highlights include:
Working Capital Guarantee Program
- EXIM will offer automatic extension of up to six months for working capital loan facilities that mature between February 5, 2019, and August 4, 2019. The up-to-six-month extension also applies to the related loan facilities fees, upon request, which may be waived in extraordinary circumstances. Claim-filing deadlines for EXIM-backed working capital loans in the affected areas are automatically extended until August 5, 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 August 5, 2019, of all claim-filing deadlines that arise between February 5, 2018, and August 4, 2019;
- Automatic extensions to August 5, 2019, of all expiry dates that occur between February 5, 2019, and August 4, 2019;
- Shipment reporting and premium payment deadlines will be automatically extended to August 5, 2019, for all shipments made from January through April 2019.
- EXIM will provide flexibility in claims analysis and automatic policy renewal for multibuyer policies that terminate between February 5, 2019, and August 4, 2019.
ABOUT EXIM BANK:
EXIM is an independent 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 $14.8 billion to the U.S. Treasury after paying for all of its administrative and program expenses.