EXIM Reduces Fees, Streamlines Delegated Authority and Fast Track Loans for Small Businesses
WASHINGTON - The Export-Import Bank of the United States (EXIM) has announced changes to the fee structure of its Delegated Authority (DA) loans and Fast Track Loans. This change will give small businesses better transparency into the fee structure and will lower the fee rate by an average of 10 basis points.
"EXIM delegated authority lenders help our U.S. small businesses compete and win in the global marketplace," said EXIM President and Chairman Kimberly A. Reed. "During this challenging time, it is especially important that more small businesses have access to the financing they need. This simplified fee structure will allow us to better partner with delegated authority lenders across the country to facilitate small business exports and support U.S. jobs."
The planned change will phase in over the month of April, fully taking effect on May 1. The change is applicable to all DA and Fast Track Loans whose effective date is April 1, 2020, and thereafter. All DA and Fast Track Loans (including multi-year and extensions) whose effective dates precede April 1, 2020, will remain under the old fee structure. Non-DA loans and deals approved by the Board of Directors will remain under the old fee structure at the present time.
The reduced fee structure was expedited as part of temporary relief measures for businesses affected by the COVID-19 pandemic, and the full new fee schedule can be found here.
ABOUT EXIM:
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.