WASHINGTON, Nov. 2, 2012 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) today announced extended provisions to assist exporters and financial institutions located in those portions of the Mid-Atlantic and Northeast that have been declared federal disaster areas by the Federal Emergency Management Agency due to the impact of Hurricane Sandy.
"As the nation continues to respond and begins the long effort of recovery, the Ex-Im Bank stands at the ready to help," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We will do all we can to help those exporters in affected areas--especially small businesses – get back on their feet and resume exporting. The last thing any business owner should have to worry about after a storm is the status of a loan or a claim-filing deadline."
The Bank is offering administrative relief measures to allow businesses and financial institutions that participate in Ex-Im Bank financing programs to return to their business concerns when appropriate and without penalty. "The Bank provided similar measures during Hurricane Katrina and believe these same steps will help those business and banks that have suffered economic disruptions during Sandy," added Hochberg.
Highlights of assistance measures include:
- Ex-Im Bank will offer automatic extension of loan terms and deadlines for filing claims for up to three months for working capital loan facilities maturing between Oct. 29, 2012, and January 31, 2013.
- For working capital loan facilities, Ex-Im Bank will also waive program requirements with which parties cannot reasonably comply for up to three months.
- Ex-Im Bank will extend to January 31, 2013 all claim-filing deadlines arising between October 29, 2012, and January 31, 2013 for its Multibuyer Insurance Program.
- Shipment reporting and premium payment deadlines will be automatically extended to January 31, 2013, for all shipments made during September and October 2012.
- Ex-Im Bank will provide flexibility in claims analysis and automatic policy renewal for policies that terminate between October 29, 2012, and January 31, 2013.
- Ex-Im Bank will be automatically extended, all claim-filing deadlines that arise between October 29, 2012 and January 31, 2013, to February 1, 2013 for Medium-Term Guarantee Program.
The Bank also offers Express Insurance and Global Credit Express programs to expedite matters to ensure small business exporters can access international markets in a timely manner. The Bank will continue to monitor the situation and will determine if any of the measures need to be extended.
Financial institutions in the affected areas should contact Ex-Im Bank to see how we can help ease insurance-related obligations. Customers encountering any shipment problems, payment difficulties or other business interruptions caused by Hurricane Sandy should contact: Jean Fitzgibbon for short-term multibuyer policies (202-565-3620); Arnold Chow for other insurance policies (202-565-3636); Pam Bowers for the Working Capital Program (202-565-3792); and Ex-Im Bank's Northeast Regional Office in New York City, N.Y. is currently not open and all general inquiries and communications should go to Judith Rivera (202-565-3417.)
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. 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.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
Media Contact: Jamie Radice (202-565-3200)
SOURCE Export-Import Bank of the United States