The Minority Business Development Agency (MBDA) and the Export-Import Bank of the United States (Ex-Im Bank) have announced an expansion of their partnership to help small minority- and women-owned export businesses obtain loans so they can have greater access to foreign markets.
MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix can now process loan applications for export financing as Originators for the Ex-Im Bank’s Global Credit Express program, designed to help small businesses that do not enjoy access to conventional financing markets.
Through this new partnership, small- and medium-sized export businesses may be eligible for a 6- or 12-month revolving line of credit of up to $500,000 by way of Ex-Im Bank’s Global Credit Express program.
Ex-Im Bank Chairman and President Fred P. Hochberg said:
"Ex-Im Bank welcomes the MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix to the growing list of Originators for the Global Credit Express (GCE) Direct Loan Program. The success of the GCE Program is based on knowledgeable referral sources like our MBDA partners, who can help us identify qualified small-business exporters that need pre-shipment working capital to expand their export sales. In FY 2013 alone, Ex-Im Bank authorized $815.6 million to support 761 export transactions by small- and medium-sized minority- and/or women-owned businesses in the U.S. In other words, approximately one in five Ex-Im transactions directly benefited minority-owned or woman-owned small businesses. This partnership will help more companies reach the other 95 percent of the world's customers that live overseas and support jobs here at home."
Joann Hill, Chief of MBDA’s Office of Business Development said:
"The expansion of this partnership effort will build upon the access to capital resources available to help MBDA minority-business enterprise firms expand their global footprint."
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions– or 89 percent–for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.