Export-Import Bank of the United States Board of Directors Votes on COVID-19 Relief Measures
WASHINGTON – The Export-Import Bank of the United States (EXIM) Board of Directors yesterday unanimously voted to extend specific COVID-19 relief measures through April 30, 2023, and also took favorable action on financing for Korean Air Lines and voted to refer the transaction to Congress for the required notification period. The transaction will support more than one thousand U.S. jobs.
The COVID-19 relief measures, which were enacted in March 2020, at the onset of the pandemic, have been in place to meet the needs of borrowers and lenders. Since their enactment, the measures have provided significant relief to U.S. businesses throughout the pandemic, generating more than $1 billion in EXIM authorizations. The Board’s actions yesterday to extend these measures will continue to assist U.S. businesses both large and small.
The first measure approved for extension applied to EXIM’s Working Capital Guarantee Program (WCGP), which facilitates loans from commercial lenders to creditworthy U.S. businesses that export over the term of the loan. The measure makes the program more flexible, allowing exporters to include all potentially exportable inventory in the borrowing base, enabling small business exporters to maximize the amount of financing available under the WCGP.
The second measure the Board voted to extend was EXIM’s Pre-Delivery/Pre-Export Financing Program, which permits pre-export payment financing for transaction in which EXIM is not financing the item at shipment. The vote also expanded definitions within the program, making it possible to more successfully implement for exporters.
ABOUT EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.