For 90 years, the Export-Import Bank of the United States (EXIM) has played a pivotal role in creating economic opportunities for U.S. companies and sustaining jobs for American workers.
As U.S. exports continue increasing — topping $3 trillion for the past two years — that growth underscores the significance of exporting for the nation's economy as well as the positive impact it can have for U.S. businesses that are seeking to grow sales and increase profitability. Small businesses can tap into the vast opportunities that lie in those global markets, since 95 percent of the world’s consumers are located outside the United States.
Three former EXIM Chairmen recently discussed the agency’s ongoing commitment to supporting small businesses. You can also hear their comments here.
Helping U.S. Companies Thrive and Grow
In celebration of EXIM’s 90th anniversary in 2024, a trio of former EXIM leaders discussed why supporting small businesses is critical to EXIM's mission of facilitating U.S. exports and supporting American jobs.
Former Chairman Kimberly A. Reed, who served from 2019-2021, underscored that approximately 90 percent of EXIM’s authorizations support small businesses. “I grew up in a small town in West Virginia, and I know that small businesses are the lifeblood of our country. I love seeing businesses start, and I love seeing them flourish, and I love seeing them grow. And EXIM has very important tools, including export credit insurance, to help those small businesses thrive.”
Former Chairman Fred P. Hochberg, who served from 2009-2017, recounted how successful small businesses make exporting part of the business plan and strategy from the beginning. Previously, "people looked at exporting after they exhausted their market. Today, the small business entrepreneurs and businesspeople I've met, exporting is part of their initial business plan and strategy. And that's why I think the Export-Import Bank is more vital now to meet that need."
Former Chairman John A. Bohn Jr., who served from 1986-1989, noted that exporting can open a new dimension of growth for a small business, and EXIM products and programs can help them accomplish that. “Out of small business comes the creativity, the energy, the ideas, the technologies, the forward-looking aspects of our economic dimension. That's critically important."
Meeting the Evolving Needs of Customers
As EXIM looks to the future, it continues to seek new and innovative ways to meet the needs of its customers by offering financing tools that help U.S. businesses sell their American-made goods and services around the world.
The prospect of selling internationally may sound daunting, particularly for small businesses. But as the former EXIM Chairmen explained, businesses don’t need to do it alone. EXIM trade finance tools can 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.
To provide that information about EXIM financing to underserved communities, EXIM’s Minority and Women-Owned Business Division (MWOB) works directly with companies 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. The MWOB Division celebrated its 25th anniversary in 2024.
As part of those efforts, EXIM launched an innovative new product in 2024 — the Equity Express Select (EQS) export credit insurance policy, an insurance tool created to help underserved companies begin or expand their export business.
Pictured left to right are: Former Chairman John A. Bohn Jr., EXIM President and Chair Reta Jo Lewis, Former Chairman Fred P. Hochberg, Former Chairman Kimberly A. Reed, and Kevin N. Cirilli of the Atlantic Council, who moderated a panel discussion with the three former Chairmen during EXIM's 2024 Annual Conference.
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.
