Ex-Im Bank Establishes $100 Million Revolving Credit Facility for Small Business Exporters
February 17, 2012
(Ex-Im Bank)
Ex-Im Bank Chairman Joins President Obama in Seattle for Announcement
Seattle, Wash. – More small business exporters throughout the United States will
have access to revolving credit, thanks to a new product unveiled today by the
Export-Import Bank of the United States (Ex-Im Bank). Fred P. Hochberg, the
chairman and president of Ex-Im Bank, joined President Obama in Seattle to
outline details about the new product: Global Credit Express (GCE).
"Global Credit Express is an innovative product that will help small business
exporters obtain the financing they need to improve their bottom line and
succeed in a highly competitive global economy," said Chairman Hochberg. "This
new product will provide additional liquidity for eligible American exporters
and access to financing at a reasonable cost."
Through GCE, small business exporters may be eligible for a revolving line of
credit, up to $500,000 for 6 to 12 months. During the program's pilot phase, an
initial $100 million in financing will be made available through a select number
of lenders nationwide. Following the pilot, the Bank will evaluate the results
of this direct loan program and determine whether to increase the available
amount. The product is specially designed to finance the business of exporting
rather than specific export transactions.
Small business exporters interested in applying for financing through GCE can
contact the Bank by calling toll-free to 1-800-565-EXIM (3946) and selecting
option 2.
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