WASHINGTON, May 6, 2014 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) today activated an updated online Letter of Interest application, designed to accelerate the process of financing exports. The new tool's interactive format guides U.S. bidders in filling out and submitting applications for Letters of Interest. Ex-Im Bank uses these pre-export documents to notify prospective buyers that the Bank is willing to consider financing for an export transaction.
Customers also can still take advantage of a reduced application fee when submitting applications online, as they did with the former application.
"We want to make it as simple as possible for U.S. businesses to secure Ex-Im Bank Letters of Interest, which empower American entrepreneurs to win deals by delivering increased confidence to potential buyers," said Ex-Im Bank Board Chairman and President Fred P. Hochberg. "This innovative tool removes small administrative hurdles so American exporters can focus on growing their businesses and creating more U.S. jobs."
To help customers save time, the new format auto-calculates amounts for eligible financing, and incorporates enhanced features, such as the ability to save and reuse contact information. The new Letter of Interest process also enables customers to see the status of their applications. Whenever needed, customers can print and renew approved Letters of Interest via Ex-Im Bank's secure customer portal, Ex-Im Online.
The new Letter of Interest application is the first of several online applications Ex-Im Bank plans to roll out over the next two years, as part of its Total Enterprise Modernization effort—a multi-year initiative to modernize systems infrastructure, update business processes and engage with customers in new and improved ways.
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. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.
SOURCE Export-Import Bank of the United States