Ex-Im Bank Annual Report Outlines Record Year for Small Businesses
$27 Billion in Export Financing Supported More than 200,000 U.S. Jobs
WASHINGTON, Dec. 20, 2013 /PRNewswire/ -- Today the Export-Import Bank of the United States (Ex-Im Bank) released its Fiscal Year 2013 Annual Report highlighting its approval of more than $27 billion in authorizations that supported an estimated 205,000 American jobs. The Bank also approved more than 3,400 small-business authorizations, a new record.
"I am proud to announce that nearly 90 percent of the Bank's transactions in FY 13 were for small businesses – an all-time high," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Ex-Im Bank employees have done a remarkable job of ensuring that American entrepreneurs have the tools they need to succeed in international markets. Whether it's providing export-credit insurance to first-time exporters or working-capital guarantees to returning customers, Ex-Im Bank will continue to fulfill its mission of creating U.S. jobs."
Among the highlights from the 2013 Annual Report:
- Ex-Im financing created or supported an estimated 205,000 export-related U.S. jobs.
- In the last five years (FY 09 to FY 13), Ex-Im Bank has assisted in financing more than $188 billion of U.S. exports and supported 1.2 million American jobs.
- In FY 13, Ex-Im Bank authorized financing for a record high 3,842 export transactions, which totaled an estimated export value of $37.4 billion.
- In FY 13, Ex-Im Bank approved 3,413 small-business authorizations – an all-time high.
- Non-aircraft manufacturing was the industry with the highest authorized amount at $8.5 billion, surpassing aircraft for the first time since 1997.
- Approximately one in five transactions involved women- or minority-owned small businesses.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions-- or 89 percent--for small-businesses. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States