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-- WITH PHOTO -- TO NATIONAL EDITORS:
Ex-Im Bank and MBDA Announce Expansion of its Partnership
WASHINGTON, April 14, 2014 /PRNewswire-USNewswire/ -- 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.
"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," said Ex-Im Bank Chairman
and President Fred P. Hochberg. "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."
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.
"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," said Joann Hill,
Chief of MBDA's Office of Business Development.
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.
Logo - http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
SOURCE Export-Import Bank of the United States
-0- 04/14/2014
/CONTACT: Lawton King (202-565-3200)
/Photo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
PRN Photo Desk, photodesk@prnewswire.com
/Web Site: http://www.exim.gov
CO: Export-Import Bank of the United States; Minority Business Development Agency (MBDA)
ST: District of Columbia
IN: FIN
SU: EXE JVN SBS WOM
PRN
-- DC04485 --
0000 04/14/2014 13:17:00 EDT http://www.prnewswire.com
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