News

WASHINGTON - Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed last Thursday delivered prerecorded remarks to 100 registrants of a webinar hosted by the St. Croix Chamber of Commerce, highlighting how small businesses in the Virgin Islands can utilize EXIM support to compete in the global marketplace.

During the virtual event, Chairman Reed underscored how U.S. businesses, particularly small businesses, can use EXIM's financing tools and resources to increase their international sales, showcase their "Made in the USA" products, and sustain American jobs. She also underscored EXIM's COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions.

"As businesses in the U.S. Virgin Islands focus on economic recovery in response to COVID-19 and in the aftermath of Hurricanes Irma and Maria, I hope they also think about the success that can come from exporting to the global marketplace. EXIM has an incredible team-including Michael Jackson, who was raised in the U.S. Virgin Islands and is EXIM's representative to both Caribbean American-owned businesses as well as organizations that focus on trade with the Caribbean-that stands ready to help through our export financing solutions," said EXIM Chairman Kimberly Reed. "I thank the St. Croix Chamber of Commerce for hosting this event. We both share job growth as a first priority and recognize that increasing the number of jobs means creating new and expanding existing business."

Others participating in the event were:

• Ryan Nolthropp, Chairman of the Board, St. Croix Chamber of Commerce.
• Michael K. Jackson, EXIM Business Development Specialist, Minority and Women-Owned Business Outreach Group.
• Eugene Uhm, EXIM Business Development Specialist.

"The Chamber and its members were fully engaged in the teleconference hosted by EXIM. The team at EXIM offered a wealth of resources that we are confident will be utilized by our members to diversify and strengthen their businesses," said Ryan Nelthropp, Chairman of the Board of Directors of the St. Croix Chamber of Commerce. "We look forward to assisting in the growth of the St. Croix economy and are certain this is only the beginning of a fruitful relationship with EXIM. Members and potential members, please stay tuned for future events. Thank you to all who participated and made the event a success."

The speakers outlined opportunities to support small businesses with EXIM's export financing that can help them increase current sales or expand into new markets. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales and offer credit terms to foreign buyers, and access working capital loan guarantees.

ABOUT EXIM:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. 

For more information about EXIM, please visit www.exim.gov.