EXIM supports 161 small businesses with $139m in March

By Precious Korede

Export-Import Bank of the United States (EXIM) as continues to provide critically needed support to U.S. small businesses contending with the historic challenge of COVID-19.

In a press statement from the Office of Communications, EXIM, and obtained by LagosBusinessNews, the import bank explained that it has approved 161 authorizations totalling $138.8 million in support of American small businesses in March.

According to the EXIM, these small-business related authorizations supported a preliminary estimate of 800 U.S. jobs in March 2020.

“This total includes $134.6 million of short-term authorizations and $4.2 million of medium-term authorizations supporting small businesses.”

Commenting on this development, President and Chairman of EXIM, Kimberly A. Reed said: “Now, more than ever, EXIM stands ready to support America’s small businesses and workers as they seek to export their outstanding ‘Made in the USA’ goods and services to the global marketplace during this very challenging time.

“To that end, EXIM is raising awareness about its programs – including export credit insurance, working capital guarantees, loan guarantees, and loans – and numerous COVID-19-related relief measures with diverse small-business exporters and potential exporters, as well as the brokers and financial institutions who assist them. We also encourage small-business exporters to reach out directly to EXIM if they need assistance”, he explained.

In recent years, nearly 90 per cent of EXIM’s authorizations have supported small businesses, and as part of EXIM’s recent reauthorization, Congress directed EXIM to build on the agency’s robust support of small business even further.

The import in the statement added that in an effort to increase awareness and transparency about this strengthened commitment to small business, “EXIM now publishes online a complete list of transactions since a quorum of the Board of Directors was restored in May 2019. Below is a summary of overall small-business activity in March.

“Since the onset of the COVID-19 (coronavirus) pandemic, EXIM has announced a series of relief measures for U.S. exporters and financial institutions, including U.S. small businesses. Complete information is available on EXIM’s Coronavirus Response webpage. Please contact EXIM for more small-business exporter support”, it stated.