The program, Small Business Global Access, was announced by the bank at a U.S. Chamber of Commerce event Thursday. The Obama administration considers the program an important part of its National Export Initiative, and the bank hopes to double its annual small businesses volume to $9 billion and add 5,000 more small businesses to its profile.
The industry praised the Ex-Im Bank initiative to stimulate small companies to export.
'We are pleased with the bank's creativity in developing new programs that focus on the core issues that are unique to small businesses,' said Coalition for Employment Through Exports President John Hardy Jr., in a statement.
'One of the issues that we hope the initiative will address is supply chain financing, which focuses on suppliers of goods and services to large businesses,' Hardy added. 'Small and medium-sized suppliers are often the 'hidden exporter,' and for many years, we have been working with Congress and the administration to shed light on this issue.'
'CEE is pleased that the bank is also streamlining the processing time for insurance policies as it is essential to 'get to yes' as quickly as possible for small businesses. Any delays on financing can mean the loss of a contract or job,' said Nicole Westin, the coalition's director of government relations.
