Some important things to know before applying for EXIM Bank products
How long does it take to process an application with EXIM Bank?
Processing time varies according to the product, dollar amount and complexity of the transaction. Like you, we want the processing of applications to flow smoothly, quickly and efficiently. To help expedite your application, you can provide a complete and technically correct application. Slow-downs will occur if staff needs to reach out to you to obtain more information about your business or transaction. For certain programs, a minimum amount of information is necessary for our team to begin work *
Tips for Submitting Long-Term Applications
The most important first step in expediting an application for our Long-term programs is to submit a technically complete and accurate application. Here are tips from our underwriters on how to do this.
- Three most recent years audited financials in English with notes and auditor statement included
- Interim financial statements if the most recent fiscal year ended more than 9 months prior to the application date
- Signed export contract
- Acquisition list detailing content
- Environmental Impact Assessment completed to EXIM Bank satisfaction
- Responses to Economic Impact questions
- Lender mandate letter
- If guarantor is a bank or Ministry of Finance (MOF), written evidence of the guarantee on guarantor’s letterhead and signed by the appropriate individual
- Character, Reputational, and Transaction Integrity (CRTI) information, i.e. Dun & Bradstreet reports, complete addresses of participants and corporate owners, as well as names and addresses of individual owners and Board of Director members
- Lastly, the specific program applications listed below require the associated Attachments to be provided with them:
- Project Finance – Attachment F
- Large Aircraft – Attachment A
- All Other Programs – Attachment G
After you provide the information requested above, EXIM Bank can begin processing your application, but please note, that does not mean the application is complete. Once we have received the above information and begin processing your application, we may request even more information from you. For example, additional items, which are not needed to start work on your application, but are needed to complete an application include:
- The Application certification page, located within the application, need to be printed and out and physically mailed to the Bank including the Iran Sanctions details.
- Statement that MARAD compliance has been assessed.
It is the applicant’s responsibility to respond in a timely manner to requests for more information, and keep all parties to the transaction informed of progress. Responsiveness is important in order to continue processing your application.
Tips for Submitting ESC, ENB, ESS, FIBC, ELC, Express Short-Term and Medium-Term Applications
As is the case with long-term applications, the most important first step in expediting an application for our ESS, FIBC, ELC and medium-term programs is to submit a technically complete and accurate application. Here are tips from our underwriters on how to do this.
- Include the DUNS # from Dun & Bradstreet
- Check the applicable short-term credit standards or medium-term credit standards and ensure the associated questions are completed correctly on the application
- For ESS applications, ensure that the ledger experience is completed correctly
- For a new ESS buyer, ask the exporter to include information regarding any specific purchase orders they have in hand or any other information that would support the requested credit limit
- For ESC and ENB applications, please include the most recent fiscal year financial statements
- For ESC and ENB applications, total export credit sales and write-offs for the last three years
- For ESC and ENB applications, accounts receivable aging, dated within 60 days of the application date
- For an Express policy, please include 5 key financial figures from most recent fiscal year financial statements: total assets, equity, revenues, operating income and net income;
- Express policies require total export credit sales and write-offs for the last three years
- For Express policy please include accounts receivable aging, dated within 60 days of the application date.
- For single buyer policy, the insured needs to provide the buyer’s credit information as required by the Short Term Credit Standards.
- For IBCLs, ensure that the applicant bank explains any anomalies as can be the case when the importer and issuing bank are not in the same country
- Be sure to print, sign, and upload/mail in the Application Certification Form within the application. A policy cannot be issued without one
- Attach all required supporting documents, based on the expected exposure amount of each buyer
- If necessary, provide a Special Buyer Credit Limit (SBCL) application for each buyer
What happens if I don’t have the minimum amount of documentation to begin?
We recognize that on very rare occasions, applications may need to be submitted without the immediate benefit of certain supporting documents. If this is the case, the applicant should provide explanations acknowledging what is missing from the application and when the required, missing documents will arrive. Workarounds, exceptions, and finding mitigating factors are easier to facilitate when underwriters have received communications about the situation.
We believe communication is the key. We recognize that our processes and requirements can be daunting to new and existing exporters. Guaranteed lenders’ and brokers’ detailed advice to exporters can help to avoid misunderstandings and expedite processes.
* In some instances, we cannot begin work on the application until it has been completed in its entirety.