Ex-Im Bank: $2.4 billion to small exporters

Ex-Im Bank: $2.4 billion to small exporters    The U.S. Export-Import Bank has conducted more than 1,700 small business transactions totaling more than $2.4 billion so far this fiscal year.
   “Our economic recovery is dependent in large part on the success of our small businesses,” said Ex-Im Bank Chairman and President Fred P. Hochberg, in a statement. “Our efforts to encourage more companies to export are paying off, and I am optimistic that we can reach the president’s goal of doubling U.S. exports by 2014.”
   One of the bank’s new programs aimed at increasing export access to small businesses is the Global Access for Small Business initiative, started last January. By the end of 2014, Ex-Im Bank aims to reach $9 billion in annual small business export financing, add 5,000 small businesses to its portfolio, and approve at least $30 billion in transactions. To reach these benchmarks, the bank is also offering new financing and insurance products as well as streamlining product delivery.

Hochberg

   The two Ex-Im Bank products most used by U.S. small business exporters are export-credit insurance and working capital loan guarantees.
   Export-credit insurance protects exporters and lenders from the risk of buyer nonpayment for commercial or political reasons, and it enables exporters to extend credit to international customers.
   Working capital guarantees cover 90 percent of the outstanding balance of working capital loans to exporters supported by export-related inventory and accounts receivable.
   It's estimated that more than 900 American small businesses worked with Ex-Im Bank for the first time in fiscal year 2010.