WASHINGTON, Nov. 5, 2014 /PRNewswire-USNewswire/ -- The Export-Import Bank today unveiled its total authorizations and the value of the U.S. exports it supported in Fiscal Year 2014, including its strong support for small businesses, which accounted for nearly 90 percent of the Bank's customers. Last year, Ex-Im Bank's financing again supported American jobs and boosted U.S. exports by filling private sector financing gaps and leveling the playing field for U.S. businesses as they compete overseas.
"Ex-Im is proud to serve as a backstop, filling in gaps in the private sector and ensuring that the American export economy remains vibrant in a world of market ebbs and flows," said Chairman Fred P. Hochberg. "This year's numbers are reflective of a strong economic recovery and of Ex-Im Bank's continued record of supporting quality American jobs while generating a surplus for the American taxpayer."
Key FY 2014 Highlights:
In FY 2014, Ex-Im Bank authorized approximately $20.5 billion to support 164,000 U.S. jobs.
Of the 3,746 transactions Ex-Im Bank approved in FY 2014, 3,347, or almost 90 percent, supported American small businesses.
Of the total dollar amount authorized by Ex-Im Bank in FY 2014, small business authorizations accounted for 24.7 percent, or more than $5 billion.
The total value of exports supported by Ex-Im Bank amounted to almost $27.5 billion, $10.7 billion (39 percent) of which accounted for small business export value.
Ex-Im Bank authorized $2 billion, a record-high dollar value, for sub-Saharan African transactions.
Approximately $675 million in deficit-reducing receipts was transferred to the U.S. Treasury's General Fund.
ABOUT EX-IM BANK: Ex-Im Bank is an independent federal agency that supports 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 and export credit insurance, to promote the sale of U.S. goods and services abroad.
Exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by visiting www.exim.gov.