Ex-Im Bank back in business

After a closure that occurred this summer, the U.S. Export-Import Bank is now back in business after Congress reauthorized its charter on Dec. 3 as part of a long-term transportation bill.    After a closure that occurred this summer, the U.S. Export-Import Bank is now back in business after Congress reauthorized its charter on Dec. 3 as part of a long-term transportation bill.
   The bank secured a long-term reauthorization from Congress that will be in effect until Sept. 30, 2019.
   “All of us at Ex-Im are ready to receive applications for new transactions,” said Fred Hochberg, president of the Ex-Im Bank, in a statement.
   “Given the expected volume, the efforts required to get our processes back up and running, and the need to apply our comprehensive due diligence requirements to every transaction, we are asking customers and other Ex-Im stakeholders to be patient while we resume authorized activities,” he added.
   The bank’s customers can submit on-line applications via exim.gov or by calling 1-800-565-EXIM.
   “While we are accepting and processing applications for all levels of financing, please keep in mind that all transactions totaling more than $10 million dollars require approval by Ex-Im’s board of directors,” Hochberg said. “Those transactions will need to await Senate confirmation of members sufficient to reconstitute a quorum.”
   GE Chairman and Chief Executive Officer Jeff Immelt praised the reauthorization of the bank. GE is a large user of Ex-Im financing and had started the process of moving some of its U.S. manufacturing offshore, citing the bank’s closure as part of its reasoning.
   “On behalf of our employees and suppliers across the country, we applaud the leaders in both the House and Senate who made this possible,” Immelt said in a statement. “It is excellent news for workers and businesses large and small who can now confidently compete and win deals globally.”