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Reauthorization FAQs | December 4, 2015

Please check back often for updated information.

  1. How quickly will EXIM Bank be up and running?
  2. What will happen first?
  3. EXIM Bank currently does not have a quorum for its Board of Directors. What does that mean for authorizing large transactions, such as those greater than $10 million?
  4. Is it true that EXIM now has to make available 25% of its authorizations for small business?
  5. I am a small business owner interested in growing my export business. What's the best way to make an application and get advice on the application process?
  6. How will you process existing and incoming multi-buyer export credit insurance policies for small businesses?
  7. How will you process existing and incoming short-term single-buyer export credit insurance policies for small businesses?
  8. How will EXIM process incoming medium-term insurance and loan guarantee applications?
  9. How will EXIM Bank process the renewal of Letters of Interest (LIs) that expired during the lapse?
  10. For those entities that had delegated authority prior to the lapse, will the reauthorization alone be enough to reactivate that authority, or will the delegated authority have to await action by the new Board of Directors, once a quorum is reached?
  11. When is the EXIM Bank annual conference?
  12. What role will the EXIM contact center play in the restart of EXIM operations?
  13. When will EXIM hold its next Trade Finance Solutions and Working Capital Delegated Authority Training?

 1. How quickly will EXIM Bank be up and running?

Given the efforts required to get systems and processes back up and running, customers may experience initial delays in the processing of applications. We expect online application systems and exim.gov to be fully operational no later than the close of business Tuesday, December 8. Thank you for your patience while we get back up to speed as quickly as prudently possible.


2. What will happen first?

As our EXIM Online system comes back online to its full functionality, existing customers may receive automated e-mails such as those related to the renewals of their export credit insurance policies. Customers who receive such communication should work directly with their broker on the renewal.


3. EXIM Bank currently does not have a quorum for its Board of Directors. What does that mean for authorizing large transactions, such as those greater than $10 million

Customers may submit completed applications as soon as our information technology systems are up and running. Authorizations of medium and long-term transactions greater than $10 million require approval by EXIM's Board of Directors will need to await Senate confirmation of members sufficient to reconstitute a quorum. A quorum is reached when at least three of the five Board members are present. Meanwhile, staff can begin reviewing applications, conduct required due diligence, and participate in preliminary negotiations prior to the reconstitution of such a Board quorum.


4. Is it true that EXIM now has to make available 25% of its authorizations for small business?

EXIM's reauthorization bill requires EXIM to make available 25% of its authorizations for small business. The previous level was 20% of authorizations.


5. I am a small business owner interested in growing my export business. What's the best way to make an application and get advice on the application process?

New customers are strongly encouraged to contact the EXIM export finance center nearest to them. Export finance center staff can discuss EXIM's export credit insurance, working capital guarantees and the related application processes. Find EXIM's directory of export finance centers here: //www.exim.gov/contact/regional-export-finance-centers


6. How will you process existing and incoming multi-buyer export credit insurance policies for small businesses?

Multi-buyer insurance is a high-volume product line for EXIM and a significant tool for small business exporters. As such, the multi-buyer insurance line of business is an important priority for the first wave of our restart. We are currently working closely with our brokers and customers to resume service as quickly as prudently possible.


7. How will you process existing and incoming short-term single-buyer export credit insurance policies for small businesses?

All pending single buyer applications that were not processed prior to the lapse will be withdrawn, since the credit information provided on the application is now stale and/or the financing request may no longer be required. Our staff will reach out to all such applicants and/or their brokers to discuss whether or not they wish to reapply. Given the possible influx of applications, customers may experience delays in turnaround times. Thank you for your patience while we get back up to speed as quickly as prudently possible.


8. How will EXIM process incoming medium-term insurance and loan guarantee applications?

Staff will endeavor to process applications in a timely manner. In the event that the volume of applications becomes higher than normal, customers may experience delays in processing time. We appreciate your patience while we get back up to speed as quickly as prudently possible.

New customers who have not yet made an application and would like to do so are strongly encouraged to begin by working with the EXIM export finance center nearest to them. Find our directory of export finance centers here: //www.exim.gov/contact/regional-export-finance-centers.


9. How will EXIM Bank process the renewal of Letters of Interest (LIs) that expired during the lapse?

EXIM staff will extend LIs that expire in December, as well as review and replace LIs that expired during the lapse, subject to applicable underwriting standards and EXIM policies and procedures. Should you want your expired LI to be considered for reissuance, please send an e-mail to LIMail@exim.gov by December 31, 2015, indicating your request for a replacement LI. Please also provide your existing LI number for reference.

Customers who started but did not finish LI applications prior to June 30, 2015 will need to reapply. Click this link to begin the application process //www.exim.gov/tools-for-exporters/applications-forms/letter-of-interest/applying-for-a-letter-of-interest

Given the volume of anticipated operational work to be done on LIs, customers may experience delays in turnaround times of 2-3 weeks. Thank you for your patience while we get back up to speed as quickly as prudently possible.


10. For those entities that had delegated authority prior to the lapse, will the reauthorization alone be enough to reactivate that authority, or will the delegated authority have to await action by the new Board of Directors, once a quorum is reached?

The authority extended by our reauthorization legislation will reactivate delegated authority.


11. When is the EXIM Bank annual conference?

The annual conference is April 7-8, 2016 at the Omni Shoreham Hotel in Washington, D.C. Additional details will soon be available on exim.gov.


12. What role will the EXIM contact center play in the restart of EXIM operations?

The EXIM contact center can answer general, basic questions about EXIM's products, services and operating hours during normal business hours. Calls and e-mails requesting a status update on an application or claim, an explanation of a policy, or detailed information on underwriting criteria, for example, require a deeper level of knowledge and interaction by staff with customers. The more complicated questions will be transferred to EXIM staff or to a regional export finance center to answer and follow-up as quickly as prudently possible. The contact center may be reached at (202) 565-3603 or 1-800-565-EXIM (3946). Find our directory of regional export finance centers here: //www.exim.gov/contact/regional-export-finance-centers.


13. When will EXIM hold its next Trade Finance Solutions and Working Capital Delegated Authority Training?

The next training class is scheduled for January 12-13, 2016. Please watch exim.gov for updates and registration information