News

WASHINGTON - The Export-Import Bank of the United States (EXIM) and the Minority Business Development Agency (MBDA), a bureau of the U.S. Department of Commerce, today announced a three-year collaborative effort to promote EXIM export financing products among minority business enterprises (MBEs). The initiative will facilitate engagement between EXIM and MBDA, thereby leading to expanded opportunities for minority-owned businesses to export their "Made in the USA" products and support more American jobs.

EXIM President and Chairman Kimberly A. Reed and MBDA National Director David Byrd signed the memorandum of understanding at EXIM's headquarters in Washington D.C. on August 31, 2020, with the intent to raise awareness of products and services offered by both EXIM and MBDA, exchange MBE referrals and conduct virtual trainings for minority-owned businesses. The signing ceremony was prominently featured today as part of the largest-ever EXIM Annual Conference.

"Support for minority-owned businesses is one of my top priorities and a vital part of EXIM's mission to support U.S. jobs through exports, and this MOU underscores that commitment," said EXIM Chairman Kimberly Reed. "Thus far in FY 2020, through EXIM's Office of Minority- and Women-Owned Businesses (MWOB), EXIM has approved $272.8 million in authorizations in support of 378 MWOB businesses. I thank Director Byrd and U.S. Secretary of Commerce Wilbur Ross, who is a valued ex officio EXIM Board Member, as we undertake this important collaboration."

"The Trump Administration is committed to supporting America's minority-owned businesses by creating new export opportunities," said U.S. Secretary of Commerce Wilbur Ross. "This memorandum of understanding is a critical step in ensuring minority business enterprises, essential pillars of our Nation's economy, receive the necessary resources for international growth."

"MBDA and EXIM share a commitment to provide increased opportunities for minority business enterprises to export U.S. goods and services," said David J. Byrd, MBDA National Director. "The focused collaboration will facilitate greater awareness of resources available to minority-owned firms to increase their participation in international commerce through increased export opportunities."

The mission of MBDA is to promote the growth of minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research. MBDA has accomplished this mission by funding a network of centers that provide MBEs a variety of business assistance services.

EXIM Chairman Kimberly A. Reed and MBDA National Director David J. Byrd at MOU signing at EXIM's headquarters in Washington, D.C.

ABOUT EXIM:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.

For more information about EXIM, please visit www.exim.gov.