EXIM Reduces Fees for Working Capital to Strengthen Support for Small Businesses
WASHINGTON – The Export-Import Bank of the United States (EXIM) announced today it has lowered prices on lender fees for the Working Capital Guarantee Program (WCGP), which facilitates U.S. exports by making the trade finance program more affordable for small businesses that need funds to compete globally.
The WCGP is a loan guarantee program EXIM offers to banks and finance companies that make asset-based credit lines available to U.S. companies exporting goods and services made in America.
The updated pricing structure also makes the WCGP more competitive for financial institutions of all sizes, including banks that have not received higher levels of Delegated Authority (DA), which grants pre-qualified lenders the ability to approve loans up to a specified amount without the prior consent of EXIM.
“Increased participation by lenders in the Working Capital Guarantee Program benefits their small business customers, who are the backbone of the U.S. economy. It also allows the lenders to gain experience with the program, which will enable them to increase their level of Delegated Authority,” said EXIM President and Chair Reta Jo Lewis. “At EXIM, we’re committed to helping our lender partners support their small business customers, who in turn support U.S. jobs by exporting their American-made products worldwide.”
Information about the revised fee structure is available here.
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 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.