“This new product will provide additional liquidity for eligible American exporters and access to financing at a reasonable cost,” said Bank Chairman Fred P. Hochberg, in a statement.
Through GCE, small business exporters may be eligible for a revolving line of credit of up to $500,000 for 6 to 12 months. During the program’s pilot phase, an initial $100 million in financing will be made available through a select number of lenders nationwide. The product is specially designed to finance the business of exporting rather than specific export transactions.
Following the pilot, Ex-Im Bank will evaluate the results of this direct loan program and determine whether to increase the available amount.
Small business exporters interested in applying for financing through GCE can contact the bank by calling toll-free 1 (800) 565-EXIM (3946) and selecting “option 2.”
Ex-Im Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help overseas buyers purchase U.S. goods and services.
