Over the years, EXIM Bank has fielded calls and questions from small businesses who don’t know whether they qualify for our services or not. If you’re a small business that is looking to grow your sales abroad or expand to other markets based on foreign buyer interest, then get in touch with us as soon as possible.
Below you’ll find a quick and easy “applicant screener” checklist. As long as you can answer “YES” to the questions below, you’re in EXIM territory and we can help grow your business while helping you mitigate the risk.
- Are you small business?
A small business is determined by the Small Business Administration Size Standards. Find your NAICS code and see if you’re small business is defined by the number of employees or average total revenue amount.
- Have you been in business for more than 1- 2 years?
We look for companies that have experience selling domestically and preferably have experience selling abroad.
- Does your business have a DUNS number?
In order to qualify, your business must be registered with Dun & Bradstreet. Think of this number as your businesses’ social security number. Once registered, the number is used to help establish a business credit file.
- Is your business profitable?
Your business must show that it has a positive net worth. A copy of your financial statements or tax returns will be requested.
- Are you exporting products that meet our U.S. content requirements?
Your export products/services must have more than 50% U.S. content and this includes labor costs (but excludes markup price).
- Are you exporting military products?
EXIM cannot support the export of military/defense-related products or to military buyers; however, exceptions do apply for dual-use items. Click here to read our policy on military sales.
- Are you exporting to a restricted country?
EXIM can support exports to most markets; however, there are some export destinations that are not eligible for support. EXIM has a Country Limitation Schedule (CLS) which provides an up-to-date listing of approved countries.
- Are you shipping from a U.S. port?
EXIM can only support goods shipped from U.S. ports.
How EXIM Supports Small Businesses
As always, if you are close to meeting the requirements above, don’t hesitate to call us in order to prepare for your EXIM application down the road. Many first time EXIM policy holders look at our Express Insurance policy to help jumpstart their international sales. To get more information about whether your company specifically qualifies or about our financial programs, click below to request a consultation with one our trade specialists today:
