The US Export-Import Bank (Ex-Im) has introduced initial relief measures for US exporters and financial institutions to support American companies in the midst of the Covid-19 outbreak.
The measures include waivers, deadline extensions and streamlined processing, designed to allow business owners to focus on the attention on the health of their employees, without the worry of meeting Ex-Im’s deadlines. Introduced on March 12, the measures are in place for an initial 30-day period, with the possibility of further extension at Ex-Im’s discretion.
“We are working tirelessly to ensure our nation has the proper programmes in place to provide US exporters with the financing and other products necessary to export “Made in the USA” goods and services in the future,” said Ex-Im.
In February, the bank approved 156 authorisations totalling USD258.5 million in support of American small businesses that export US-made products around the world. This total includes USD179.7 million of short-term authorisations and USD34.8 million of medium-term authorisations.
“Given the current challenges related to the Covid-19 global pandemic and importance of supporting global trade and investment, Ex-Im stands ready to help our nation’s businesses and workers, especially America’s small businesses,” said Ex-Im president and chairman Kimberly A. Reed.