Follow us on Twitter
Tuesday, October 29, 2013
EXPANDING GROWTH THROUGH INTERNATIONAL TRADE
Most U.S. banks do not lend against export orders, export receivables, or letters of credit, yet there is a huge small business export market – service companies, manufacturers, and others – with bank revenue and job creation opportunities. EX-IM Bank provides competitive export financing when financial institutions are unable or unwilling to step in. The SBA guarantees export financing, credit to close sales, and working capital funds if needed. Together, SBA and Ex-Im Bank financing have supported more than 1 million export-related jobs in the last four years. They have recently created a joint initiative to simplify, combine and present their respective financing programs in one package for lenders to use in meeting exporter financing needs. How can EX-IM Bank, the SBA, and commercial banks partner better to support small business customers? This new initiative may be the answer.