Local Small Businesses Get New Export Finance Support as Imperial Valley Economic Development Corporation Becomes Ex-Im Bank City-State Partner
WASHINGTON, D.C. - Imperial Valley small and medium-sized businesses seeking to grow by competing in global markets will have easier access to financing through a new partnership agreement signed today by the Imperial Valley Economic Development Corporation (IVEDC) and the Export Import Bank of United States (Ex-Im Bank).
IVEDC has joined Ex-Im Bank's City-State Partners Program, a nationwide marketing initiative that brings state and local government offices and private-sector organizations into partnerships with Ex-Im Bank to expand export opportunities.
Ex-Im Bank is delighted to widen the reach of its financing for Imperial County exporters, said David Josephson, Ex-Im Bank Western regional director, who signed the agreement on behalf of Ex-Im Bank at IVEDC headquarters in El Centro, Calif. The county has a long history of exporting alfalfa hay cubes and baled hay products to Asia, and borders on Mexico to the south. We plan to put Ex-Im Bank loan guarantees and insurance behind these exporters to support U.S. jobs and spur economic growth.
Imperial Valley Economic Development Corporation's International Committee is interested in bringing awareness to local businesses of programs that will help make the Imperial Valley more competitive in the global economy. We believe a partnership with Ex-Im Bank will help achieve that goal, said IVEDC President and CEO Timothy E. Kelley.
As an Ex-Im Bank City/State Partner, (IVEDC) can help local businesses learn about and apply for a range of Ex-Im Bank financing products, including short-term export-credit insurance to mitigate the risk of foreign buyer nonpayment, loan guarantees to increase export-related working capital and medium-term financing for foreign buyers. IVEDC is the region's economic development entity acting in concert with private investors, local government, and Chambers of Commerce to realize regional expansion and job creation.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.
Over the past five years, Ex-Im Bank has helped 869 California companies in 243 communities export $9 billion in goods and services. In fiscal year 2009, the Bank authorized more than $21 billion in support of U.S. exports overall, the highest level in the Bank's 75-year history. Ex-Im Bank also set a record for financing of small business exports at $4.36 billion in fiscal 2009. Small business transactions for the year totaled 2,540, or 87.9 percent of total Ex-Im Bank transactions. For more information, visit www.exim.gov.