The Export-Import Bank of the United States (EXIM) supported Manufacturing Day on October 2, 2020, that kicked off Manufacturing Month by creating partnerships with several state organizations. These state-affiliated groups provide strategy consulting and operational guidance to manufacturers through the NIST Manufacturing Extension Partnership, a dedicated network helping U.S.-based manufacturers.
Planned events and partnering organizations within the states included: Supporting Montana Exports in Challenging Times webinar with Montana Manufacturing Extension Center (took place on September 16, 2020), Export Expansion: Trade Finance Solutions for U.S. Exporters in partnership with Alaska Manufacturing Extension Partnership Center (took place on September 17, 2020), and "Increase Revenues with Export Sales" webinar to be held in partnership with the Oregon Manufacturing Extension Partnership and Business Oregon on October 23, 2020 at 10 a.m. Pacific Time. Please sign up to join us!
There is no time, like the present, for manufacturers to expand their businesses to international destinations that are recovering from COVID19. EXIM offers export credit insurance to help mitigate the risk with nonpayment from foreign customers. There are several different EXIM Export Credit Insurance policies available to help the U.S. exporter safeguard their accounts receivable.
If you will be a beginner to exporting -- no problem! EXIM's Express Credit Insurance policy is a great option for you as it provides your company with assistance in a few ways:
- Contain up to 10 different customers
- Offer open account credit terms
- Pay insurance premiums for your receivables
If your foreign buyer defaults for political or commercial loss, EXIM pays up to 95 percent of the invoice value.
Now, if your company is more experienced with exporting, an EXIM Small Business Multi-Buyer Standard Export Credit Insurance policy may be an option that appeals to you. Benefits include:
- Helps you to gain the competitive edge and win more global sales contracts with open account credit terms instead of cash in advance payments.
- Serves as a financial aid tool for lenders to use the insured export inventory as collateral toward more financing to help manage cash flow if your company needs it.
- Covers up to 95 percent of the invoice value amount resulting from commercial and political risk.
Still not convinced about the benefits of EXIM's Export Credit Insurance and how it can help protect your company with your exporting journey? Request a free consultation with an EXIM trade specialist in your area today to discuss your particular needs!