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EXIM / SBA Support for Small & Medium-Sized Businesses During COVID-19
June 02, 2020 Office of Communications and William Houck, Export Finance Manager, U.S. Small Business Administration
Tagged: EXIM SBA COVID-19

EXIM

The Export-Import Bank of the United States (EXIM) is announcing extended relief provisions for exporters and financial institutions located throughout the United States that may have been affected by COVID-19 (coronavirus). EXIM recognizes that the business interests of exporters, particularly small businesses, and financial institutions understandably will be secondary to personal health and safety at this time. Accordingly, EXIM wants to assure our customers that we will work with you to address the problems you may face because of COVID-19.

EXIM is extending the relief measures originally announced on March 12, 2020, and extended on April 10, 2020, as outlined below, including waivers, deadline extensions, streamlined processing, and flexibility to enable businesses and financial institutions that use or utilize our products to return to their business concerns and EXIM-related obligations at an appropriate time without penalty.

EXIM is open for business to support America’s exporters during this difficult and challenging time. We will continue to monitor the situation and offer further accommodations as circumstances warrant.

If you have encountered any shipment problems, payment difficulties, liquidity problems, or other business interruptions that require other flexible arrangements from EXIM, in addition to the ones outlined above, EXIM stands ready to work with you in partnership to overcome these issues. See EXIM's fact sheet for details on relief measures during COVID-19.

SBA

In addition to SBA’s Paycheck Protection Program, SBA has a Debt Relief program.  Companies looking to expand operations or refinance plant and equipment during these difficult times are eligible for assistance.   SBA is paying six months principle, interest, and fees for existing SBA loans (those in good standing) and new loans issued before September 27th, 2020. For exporters, SBA’s Export Express and International Trade Loan programs provide a lender with a 90% guarantee and borrower repayment terms from 10 years (plant/equipment) to 25 years for facility improvements, commercial real estate purchases, and refinancing.

Remember, exporting is the best way to hedge against lost domestic sales because of the COVID-19 crisis. Combining EXIM’s Export Credit Insurance with the Export Working Capital Guarantees provided by both EXIM and the SBA empowers U.S. companies to achieve sustainable growth in annual revenue.

For more information contact your local SBA Export Finance Manager.

EXIM’s Blog postings are intended to highlight various facets of exporting, but the postings are not legal advice, and are not intended to summarize all legal requirements associated with exporting.