Resources for Export Financing

The demands that you face as a small business are different than those of larger companies. Because of that, and its emphasis on small business export financing, the Export-Import Bank of the United States (Ex-Im Bank) is conducting unprecedented outreach to U.S. small businesses through its Global Access for Small Business (Global Access) initiative. This program is expanding awareness among smaller companies of Ex-Im Bank’s trade finance solutions and how to access them and is contributing to the President's goal of doubling exports by 2015. 

During the FY’09-FY’14 time period, Ex-Im Bank aims to reach $9 billion in annual small business export financing, and have added a total of 5,000 small businesses to its portfolio and approved at least $30 billion in small business transactions. To reach these benchmarks, the Bank is offering new financing and insurance products as well as streamlining product delivery. In addition, the Bank continues to hold Global Access forums around the country. Twenty three have been held so far this year. Webinars regarding opportunities for small business exporters are held monthly by Ex-Im Bank staff as well. Find more information on upcoming events on the Global Access events page.

How does Ex-Im Bank make U.S. small businesses more competitive?

Dreyfus Global Trade, LLC, located in New York City, is one of the many small businesses that found success using Ex-Im Bank products. As an export management company, Dreyfus Global has been serving American manufacturers’ tools and equipment for the automotive and industrial markets since 1991. 

Mr. Dreyfus was first introduced to Ex-Im Bank’s products by his broker, Carey Fiertz with Export Risk Management, Inc. His company is now utilizing an Ex-Im short-term multi-buyer export credit insurance policy which has enabled it to extend greater lines of credit to international buyers in order to grow its business. While many companies have been forced to downsize during the difficult economic times, Dreyfus Global has actually added two jobs over the last three years due to increased foreign sales in exports.

“I don’t know how you could not use Ex-Im credit insurance,” says Steven Dreyfus, owner and managing director of Dreyfus Global. “With Ex-Im, I know I am able to mitigate my international credit risk, both by individual customers and by country. As an entrepreneur, where I invested my own money in the business, I can sleep at night knowing I am safeguarded.”

Ex-Im Bank introduced two new exciting products to further help your small business, Express Insurance and Supply Chain Finance Guarantee. Express insurance features a streamlined application and both a policy quotation and two foreign-buyer credit indications up to $300,000 within five business days. Since its introduction in April 2011, Ex-Im has issued 55 Express Insurance policies.

In fiscal year 2011, Ex-Im Bank reported a third-straight, record-breaking year in a number of key areas. Overall financing exceeded $32 billion and support about $40.6 billion in exports at more than 3,600 U.S. companies, helping to support approximately 290,000 export-related American jobs.

Additional information on financing exports for all companies located in the Northeast/Mid-Atlantic Region can be obtained from Ex-Im Bank’s Regional office, located in the U.S. Export Assistance Center, at 33 Whitehall Street, 22nd Floor – Suite B, New York, NY 10004. You can also call (212) 809-2650.

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank receives no net appropriation from the U.S. Congress and charges interest and fees to fund its transactions. This year, the Bank has generated $300 million for U.S. taxpayers.

The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

John A. McAdams is senior vice president, Export Finance Group, Export-Import Bank of the United States (Ex-Im Bank). For more information on the Export-Import Bank of the United States, visit exim.gov.

This article is part of NY Report's Accelerate 2012 series. To read more, click here.