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The Export-Import Bank of the United States is a government-sponsored enterprise (GSE) that provides financing and insurance to support U.S. exports and to strengthen the U.S. economy. It offers a variety of services including working capital and export credit insurance to exporters, banks, and other related entities. The Bank is primarily supported by fee-paying customers who purchase its services.
The Export-Import Bank of the United States (Ex-Im Bank) is an independent federal agency that provides export financing to create and support American jobs by making it more affordable for foreign buyers to purchase U.S. goods and services. Since 1934, the Bank has supported more than $20 billion worth of exports. The Bank is the largest export-credit agency in the U.S., assisting small and large businesses alike in exporting overseas.
Ex-Im Bank is responsible for providing foreign buyers with various types of financing, insurance, and guaranty. It’s also the largest source of export financing for the U.S., accounting for 70% of all export financing out of the country. Ex-Im Bank helps to counter foreign government subsidies which can be used to limit U.S. exports and investments abroad.
Ex-Im Bank also helps create and sustain jobs in the U.S., allowing companies to export goods and services more affordably and more frequently. In 2019, the Bank awarded $2.2 billion in financing to small businesses, up from $1.5 billion in 2018. Ex-Im Bank estimatesthat in 2019 it supported job growth of over 75,000 American workers.
Ex-Im Bank also helps a wide range of international buyers, including private-sector buyers, developing-country governments, and domestic businesses. Ex-Im Bank provides financing for private-sector buyers to help transform foreign markets and enable them to purchase U.S. goods and services. It also provides export financing for developing countries to help them access credit markets and become viable buyers of U.S. goods and services. And lastly, Ex-Im Bank provides financing for domestic businesses by streamlining the export process and reducing costs of an export transaction.
In conclusion, the Export-Import Bank of the United States serves a vital role in the U.S. economy by providing financing, insurance, and guaranty services to foreign buyers of U.S. goods and services. The Bank’s aim is to help U.S. businesses become more competitive in the international marketplace, and by doing so, creates and supports jobs in the U.S. economy. The Bank also helps to open foreign markets to U.S. exports and investments, as well as provide financing to domestic businesses to make exporting more affordable.
