Our Weblog: Excerpts of Exports
Tuesday, November 17, 2009
Good News from Ex-Im Bank for U.S. Exporters
Starting 1 December 2009, U.S. exporters designated as small businesses under Small Business Administration standards, and with annual export credit sales of $7,500,000 or less, now are eligible for enhanced coverage under Ex-Im Bank’s short-term small business multibuyer insurance policy. Previously the eligibility ceiling was $5,000,000. “This change is designed to increase U.S. small business exports by expanding the availability of financing to them,” said Ex-Im Bank Chairman and President Fred Hochberg. “Exporting is critical to creating and preserving American jobs, especially while the current global financial crisis is being resolved.”
Over the past year, Ex-Im Bank has launched a number of other initiatives to strengthen support for small business exporters in the face of the economy’s tightened liquidity. For example, the Bank opened its working capital guarantee program to indirect U.S. exporters. Companies that produce goods or services that are sold to U.S. companies, and are subsequently exported, are now eligible to apply for working capital loans guaranteed by Ex-Im Bank.