The Export-Import Bank of the United States (Ex-Im Bank) will participate in U.S. Global Business Solutions, a new interagency initiative to expand the reach of federal export assistance and add 50,000 small businesses to the nation's exporter base by 2017.
Announced today (Apriil 3, 2013) in Washington, D.C., by Small Business Administrator Karen Mills, the pilot program will also aim at expanding the base of financial institutions and service providers that facilitate exports, adding an anticipated 250 trade-finance sources by December 2015.
"To keep our economy growing, we need more American small businesses to become exporters," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Global demand for 'Made in the U.S.A.' products and services is strong, but many small businesses are unaware of the opportunities in international markets or are wary of the risks. U.S. Global Business Solutions will facilitate interagency coordination to provide them with the market assistance and financing tools they need to begin or expand exporting, increase their revenues and create good, middle-class jobs here at home."
Currently in development, U.S. Global Business Solutions will 'bundle' U.S. government trade-finance products for lenders and exporters. The programs and products will be combined into a single menu of options that will be tailored to the stage of the exporter's development and the capacity of the financial institution or service provider. The initiative will be designed to make it easier and more cost-effective for exporters to use the programs and products of multiple agencies.
Six federal agencies will be participating: Ex-Im Bank, the U.S. Small Business Administration (SBA), the U.S. Department of Agriculture, the U.S. Department of Commerce/International Trade Administration, the U.S. Trade and Development Agency (USTDA) and the Overseas Private Investment Corporation (OPIC).
Increasing small-business exports is a major focus of Ex-Im Bank's 2013 Annual Conference, being held on April 4-5 in Washington, D.C. Approximately 1,200 participants, including exporters, lenders and international buyers, are attending. Vice President Joe Biden is among the distinguished government and private-sector business leaders scheduled to speak.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (FY 2008 through FY 2012), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record.
Ex-Im Bank's total authorizations in the last fiscal year are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.