Export Finance Solutions

Where Businesses Come to Grow: Official Blog of the Export-Import Bank

As the Export-Import Bank of the United States (EXIM) seeks to fulfill its mission of facilitating U.S. exports and supporting U.S. jobs, the agency remains committed to ensuring that equity is a central tenet of that work.

More than 10 million businesses across the country are owned by minorities or women, and they often face additional challenges when growing their businesses.

That’s why EXIM’s Minority and Women Owned Business Division (MWOB) has been proudly serving diverse business communities since it was established in 1999. The MWOB Division’s dedicated business development team of specialists 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.

"We will continue working to support U.S. companies, including those that have been historically underserved, to underscore that American workers can count on EXIM standing shoulder-to-shoulder with them as they compete around the globe," said EXIM President and Chair Reta Jo Lewis.

EXIM's Minority and Women Owned Business Division (MWOB) is celebrating 25 years of service for the underserved business community. You also can view the video here.

Advocating for the Underserved Business Community

For a quarter-century, the MWOB team has been advocating for small and underserved businesses by hosting educational events, providing resources, and collaborating with partner organizations to connect companies with the support they need to export their goods and services to the global marketplace.

That service was needed then and will continue to be needed in the future, said Tamara Maxwell, who founded the MWOB Division at EXIM. She currently serves as Acting Senior Vice President of the Office of Small Business and Vice President of the MWOB Division.

With that experience in mind, Tamara Maxwell encourages small businesses to take advantage of both global opportunities and EXIM resources.

"If you look to expand your business internationally, you're competing with companies who are from other countries and you have a leg up — and your leg up is that you have a U.S. product and you have a U.S. service," she said. "In order to be able to do that, you need to have EXIM Bank involved because we are the agency that's going to help you sleep at night when you're doing business internationally and you're talking about how you're going to finance that. So if you want to grow and if you want to stay relevant, if you want to diversify, then you need to be in international trade. And there's no way that you should be doing it without U.S. EXIM Bank."

Bridging the Financial Gap with EQS Insurance

As part of these ongoing efforts, EXIM launched an innovative new product this year — the Equity Express Select (EQS) export credit insurance policy. This insurance tool is designed specifically for the underserved business community, which includes minority-, woman-, veteran-, or disability-owned small businesses as well as rural businesses.

This EQS insurance policy is designed to help qualifying businesses start or expand their exporting journey and then graduate to one of EXIM’s other export credit insurance products.

The EQS customer service team at EXIM will guide companies through every step of the application and servicing process, from explaining policy benefits and reviewing qualifications to streamlining the application and addressing any concerns along the way. To facilitate this, EXIM has created a new online Exporter Toolkit to help companies understand and complete the process.

Leveling the Playing Field for All Businesses

EXIM will continue working to support U.S. companies, including those that have been historically underserved, to emphasize that American workers have the support they need to compete successfully in the international marketplace.

"The mission of the MWOB Division is to support the underserved community, now and into the future, which is crucial for the success of American small business exporters," said Aerek Stephens, Director of the MWOB Division and the Regional Export Promotion Program.

As EXIM commemorates its 90^th anniversary in 2024, it’s fitting that the MWOB Division is also marking its milestone 25^th anniversary — underscoring the agency’s commitment to helping all American businesses win the future.

EXIM is committed to prioritizing equity and providing resources to support U.S. small businesses. 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.