The start of a new year offers an opportunity to reflect on the accomplishments of the previous year. With the launch of new products and services in 2024, the Export-Import Bank of the United States (EXIM) underscored its strong commitment to supporting small businesses.
In fiscal year 2024, EXIM authorized $8.4 billion in deals for companies of all sizes, which supported approximately 38,000 jobs across the country.
That total included more than $1.6 billion in authorizations supporting small business. That represented 1,230 transactions that directly benefitted small business exporters — amounting to 86.4 percent of EXIM's total transactions count.
“From electric aircraft assembled in Vermont to semiconductor technology built in Colorado, EXIM is supporting small businesses exporting exciting new technologies that allow the U.S. to compete and succeed in the global marketplace,” said EXIM President and Chair Reta Jo Lewis. “As we celebrate 90 years of championing economic opportunity, EXIM is going from strength to strength. Thanks to our growing Make More in America initiative and expanding China and Transformational Exports Program, we are proud that the Biden-Harris Administration is providing much-needed support for sustainability, innovation, and good-paying American jobs — 38,000 across the country.”
Financing Tools to Support Small Businesses
EXIM's Office of Small Business (OSB) supports companies nationwide, providing trade finance tools designed to help small businesses compete successfully in the dynamic global marketplace, including:
- Export Credit Insurance to protect against the risk of not getting paid.
- Working Capital Loan Guarantees to provide the necessary cash flow.
In FY24, EXIM processed more than 6,000 Export Credit Insurance applications. Thanks to internal customer service modernization efforts, the processing time for each application now averages 6-10 days.
Expanding Products and Services
Other highlights of EXIM's support for small business in 2024 included:
MWOB Anniversary: EXIM’s Minority and Women-Owned Business Division (MWOB) works directly with small businesses that are owned by minorities, women, veterans, people with disabilities, and the LGBTQ+ community as well as rural and startup businesses, helping them access EXIM financing and navigate the next steps on their exporting journey. In 2024, The MWOB Division celebrated its 25th anniversary.
EQS Launch: As part of its effort to support the underserved business community, EXIM launched an innovative new product in 2024 — the Equity Express Select (EQS) export credit insurance policy, the first product of its kind at EXIM to help qualifying companies begin or expand their export business.
State Guide Release: EXIM released a new series of Export Credit Insurance guides to highlight the economic impact of exporting, underscoring the growth potential for small businesses that lies in the global marketplace and the financing tools EXIM has available. The guides cover all 50 states, five U.S. territories, and the District of Columbia — plus a Spanish-language version for Puerto Rico.
MMIA Growth: EXIM's Make More in America Initiative builds on EXIM’s current products and services, providing access to capital needed to fill critical supply chain gaps. The domestic finance initiative has particular focus on small business exports, including three new transactions approved in FY24.
Exporters of the Year: EXIM honored eight U.S. businesses from a range of industry sectors and geographic regions as Exporters of the Year during its 2024 Annual Conference. These small businesses represented a cross section of American innovation and ingenuity, illustrating how EXIM’s trade finance tools can help U.S. companies expand their international sales as they compete in the global marketplace.
Outreach Events: EXIM conducted more than 1,700 outreach activities focused on small businesses, including client meetings, educational events, meetings with local and state governments, and attendance at national small business conferences. In addition, EXIM’s Council on Small Business provided guidance and recommendations for supporting U.S. companies.
As 2025 gets underway, EXIM will continue fulfilling its mission by offering trade finance tools that help U.S. businesses sell their American-made goods and services around the world. To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a trade finance specialist and launch your export journey today.
