EXIM Approved 156 Small Business Authorizations Totaling $258 Million and Supporting 800 U.S. Jobs in February
EXIM’s Working Capital Guarantees, Export Credit Insurance, and Other Tools Can Help America’s Small Business Exporters Succeed in Challenging Times
FOR IMMEDIATE RELEASEMarch 19, 2020Media Contact Name/Phone:
Office of Communications (202) 565-3203
WASHINGTON – In February, the Export-Import Bank of the United States (EXIM) approved 156 authorizations totaling $258.5 million in support of American small businesses that export “Made in the USA” products around the world. These small-business related authorizations supported a preliminary estimate of 800 U.S. jobs in February 2020.
This total includes $179.7 million of short-term authorizations and $34.8 million of medium-term authorizations.
“Given the current challenges related to the COVID-19 global pandemic and importance of supporting global trade and investment, EXIM stands ready to help our nation’s businesses and workers, especially America’s small businesses,” said EXIM President and Chairman Kimberly A. Reed. “EXIM’s financial solutions, including working capital guarantees and export credit insurance, are important tools to help America’s small business exporters facilitate international sales and remain competitive in the global marketplace. We encourage U.S. small business exporters to reach out if EXIM can be of help in any way.”
In recent years, nearly 90 percent of EXIM’s authorizations have supported small businesses, and as part of EXIM’s recent reauthorization, Congress directed EXIM to build on the agency’s robust support of small business even further. In an effort to increase awareness and transparency about this strengthened commitment to small business, EXIM now publishes online a complete list of transactions since a quorum of the Board of Directors was restored in May 2019. Below is a summary of overall small business activity in February.
Separately, EXIM recently announced relief measures for U.S. exporters and financial institutions, including U.S. small businesses, due to the anticipated effects of the COVID-19 (coronavirus) outbreak. A fact sheet with relief provision details and EXIM program points of contact is available here.
To see how small businesses from every state are using EXIM products, view success stories online.
|EXIM Authorizations February 2020|
|EXIM Product||Total (in millions)||Short-Term (in millions)||Medium-Term (in millions)||Long-Term (in millions)|
|Export Credit Insurance||$ 175.4||$ 171.3||$ 4.2||–|
|Working Capital Guarantees||$ 8.4||$ 8.4||–||–|
|Guarantees and Loans||$ 74.7||–||$ 30.6||$ 44.1|
|Total||$ 258.5||$ 179.7||$ 34.8||$ 44.1|
|Small Business||$ 164.0||$ 139.4||$24.6||–|
|Minority and Women-Owned Business||$ 46.0||$ 46.0||–||–|
|Manufacturing||$ 113.3||$ 109.1||$4.2||–|