News

Washington, D.C. - In July 2019, the Export-Import Bank of the United States (EXIM) authorized a total of $133.1 million in support of American small businesses who export "Made in the USA" products around the world. This total includes $122.1 million of short-term authorizations and $11 million of medium-term authorizations.

EXIM SMALL BUSINESS SUCCESS STORIES

Short-Term Export Credit Insurance: The Keith Smith Company, Hot Springs, Arkansas

EXIM approved a $270,000 export credit insurance policy for the Keith Smith Company, the largest independent producer and provider of quality hatching eggs to the broiler industry in the United States, headquartered in Hot Springs, Arkansas. The current policy will allow the company to offer open-account credit terms to its customer in Mexico.

Since the company began using export credit insurance in 2009, EXIM has supported more than $140 million in exports worldwide. The company's top markets are Mexico and Guatemala, followed by Nicaragua, El Salvador, and the Dominican Republic. The company's EXIM insurance broker is World Trade Consult of St. Charles, Missouri. As a result of the increased exports, the Keith Smith Company has supported 42 additional jobs, and sales have increased nearly 50 percent. Exports as a percentage of total sales have grown from less than 1 percent to 61 percent over the 10 years the company has partnered with EXIM.

Medium-Term Loan Guarantee: Delta TechOps, Atlanta, Georgia, and Gogo Inc., Chicago, Illinois

EXIM approved a $25.8 million medium-term loan guarantee for the Brazilian airline Gol Linhas Aereas S.A. (GOL), which will support services provided by two U.S. companies. The transaction will support engine maintenance services provided by Delta TechOps, the maintenance, repair and overhaul (MRO) division of Delta Air Lines, headquartered in Atlanta, as well as installation of Wi-Fi kits provided by Gogo Inc., a Chicago company that supplies inflight internet services. Since 2014, EXIM has supported 13 similar engine maintenance transactions for GOL valued at $190 million, which have supported an estimated 1,000 jobs at Delta TechOps, according to EXIM's jobs-calculation methodology.

EXIM financing will support approximately $22 million for aircraft maintenance by Delta TechOps and approximately $4 million for installation services by Gogo. This marked the first transaction since EXIM's Board of Directors approved a resolution earlier this year increasing the individual delegated authority (IDA) under which transactions can be approved by specific senior officers from the previous limit of $10 million per transaction to $25 million.

ABOUT EXIM BANK:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. 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, 90 percent of the total number of the agency's authorizations has directly supported small businesses.

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

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Medium-Term Activity for July 2019