Ex-Im Small Biz Global Access Program
Recently, Fred P. Hochberg, chairman and president of the Export-Import Bank of the U.S., (Ex-Im Bank) discussed the bank’s new Global Access for Small Business initiative to assist small firms access global markets. In recent months, Ex-Im has invigorated their commitment to helping smaller businesses through the Small Business Global Access initiative.
“Jobs supported by exports are the most durable in our economy today,” Hochberg said. “And if we are going to build a firm foundation for future economic prosperity – and get more people back to work – we must ensure that more American businesses are successfully selling their products to more customers in more countries.”
The Small Business Global Access initiative touches on a number of key areas:
- Supply Chain Guarantee: increases liquidity for small-business suppliers of goods and services to U.S. exporters;
- Reinsurance: helps small businesses obtain private-sector insurance to cover risks of nonpayment of foreign receivables;
- Solar Express: provides streamlined financing for U.S. exporters of solar-energy equipment for small solar-energy projects;
- Express Insurance: provides a five-day turnaround with a streamlined application process, which is expected to launch in January 2011;
- Eligibility: allows more of a company’s products and services to be included in an Ex-Im working capital or trade credit insurance transaction;
- Transaction Time: efforts in FY’09 to FY’10 resulted in a reduction in turnaround time by about a third. For FY 2011, Ex-Im’s goal is to complete small-business applications within an average of 30 days;
- Web Portal: a new Global Access Web site was designed to help small businesses learn about export finance opportunities and Ex-Im products and services; and
- Forums & Webinars : offers forums and webinars to help small- and mid-sized exporters understand how Ex-Im Bank’s various financial tools can help increase sales, minimize risk, and improve cash flow.
Ex-Im Bank plays a critical role in financing for small- and mid-size exporters. Ex-Im Bank authorized more than $5 billion in funding for small businesses over the last year.