EXIM Announces New Loan Application and Claims Processing Reforms to Further Support America's Small Businesses
WASHINGTON -The Export-Import Bank of the United States (EXIM) today announced two new reforms to further support U.S. small business exporters in their use of EXIM's primary small business products-working capital loan guarantees and export credit insurance.
On the weekend of January 16-17, EXIM implemented a new electronic application platform, EXIM Loan Management System (ELMS), for the submission of applications to the agency's Working Capital Guarantee Program by delegated authority lenders. On January 15, EXIM also approved an updated Claims Reconsideration Committee Charter to allow for a more timely and efficient reconsideration process of a partially or fully denied claim of $100,000 or less.
"EXIM is continually working to improve our services to U.S. small business exporters to assist them in increasing exports and supporting tens of thousands of American jobs in this vital segment of the U.S. economy. The technology and process improvements we have announced today will facilitate greater use of EXIM's working capital loan guarantees and also will enable policyholders of EXIM's export credit insurance to receive a faster reconsideration of claims previously denied. These measures are being implemented to increase liquidity and also facilitate claims payments for small businesses as they seek to grow their companies and hire American workers," said EXIM President and Chairman Kimberly A. Reed.
ELMS was developed to enhance the agency's legacy Application Processing System. ELMS enables EXIM delegated authority lenders under the Working Capital Guarantee Program (WCGP) to create and submit applications online. The new system will also aid EXIM staff in processing applications more efficiently and faster in order to make EXIM-backed working capital loans operative in less time. For more information, please contact elmsteam@exim.gov.
The updated EXIM Claims Reconsideration Committee Charter aims to reduce the time for reconsideration of a claim denied by the Credit Administration and Claims Processing Division from the previous six-month period to between 60 and 90 days. This update will also reduce the number of claims that need to undergo the full reconsideration process, thereby expediting resolution of many requests to the Claim Reconsideration Committee and processing claim payments more quickly. For more information on the updated charter of EXIM's Claim Reconsideration Committee, please contact claims@exim.gov.
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 and keeps America strong 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.