What Is Ex-Im Bank?
Did you know the Export-Import Bank of the United States focuses exclusively on U.S. exports (not imports) and despite its name, it’s not a bank? Established in 1934, Ex-Im Bank is the United States’ official export credit agency (ECA); there are approximately 60 export credit agencies worldwide trying to win jobs for their own countries.
Ex-Im Bank’s congressionally-mandated mission is to support the export of U.S. goods and services internationally through a variety of export financing products which include loan guarantees, working capital guarantees, direct loans, and export credit insurance.
In fiscal year 2014, the United States exported a record $2.345 trillion of goods and services, which represents a 2.9 percent increase and a record high for the fifth consecutive year. Ex-Im Bank approved $20.5 billion in total authorizations, which supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country. Ninety percent of its transactions directly serve American small businesses.
Drake Finance & Ex-Im Bank Financing
Since 2000, Drake Finance has provided hundreds of United States exporters nationwide with international trade finance solutions that have either been insured or guaranteed by Ex-Im Bank.
Ex-Im Bank financing is a vital resource to United States exporting companies, particularly those exporting to new and emerging markets because Ex-Im Bank will insure or guarantee international transactions that the private sector cannot and in some cases, will not.
U.S. exporters, particularly those exporting products manufactured in the United States, have a number of options available to them, all of which are designed specifically to help U.S. companies export with ease and confidence.
Ex-Im Bank Financing Programs
If your company is based in the U.S. and exports products that are made in the U.S., these are some programs that may be available to you: