The U.S. Export-Import Bank has set a new policy to increase U.S. aviation-industry exports.
In particular, the bank will now finance transactions of U.S.-produced goods and services for aftermarket (post-manufacturing) use on foreign-made aircraft.
The new policy will expand Ex-Im Bank financing to benefit suppliers of many different products and services, including escape slides, flight simulators, entertainment systems and maintenance services. The bank also may now consider support for exports by a U.S. small business to a foreign aircraft manufacturer.
However, the policy will continue to prohibit the bank from financing non-small-business sales of capital goods, services and major component sales to large, foreign aircraft manufacturers.
“Upon careful consideration and review, we have determined that it is in the best interest of U.S. exporters, and small businesses in particular, for Ex-Im Bank to be able to finance aftermarket sales to airlines to outfit or service their foreign aircraft,” said Fred P. Hochberg, the bank’s chairman and president, in a statement. “Airlines need to purchase parts and services for their aircraft, and we want them to buy American. This new policy will strengthen our support for the U.S. aviation industry, particularly for small businesses seeking to grow through exporting.”
Hochberg added the bank will continue its strong support for U.S aircraft export sales to meet tough global competition.
In fiscal year 2011, Ex-Im Bank authorized more than $12.6 billion in financing to support the export of U.S.-made aircraft of all types, including $10.8 billion in support of commercial aircraft sales to a total of 21 countries.
Ex-Im Bank continues support for aviation sector
