FROM: EXPORT-IMPORT BANK
Ex-Im Bank and MBDA Announce Expansion of its Partnership
Washington, D.C. – The Minority Business Development Agency (MBDA) and the Export-Import Bank of the United States (Ex-Im Bank) have announced an expansion of their partnership to help small minority- and women-owned export businesses obtain loans so they can have greater access to foreign markets.
MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix can now process loan applications for export financing as Originators for the Ex-Im Bank’s Global Credit Express program, designed to help small businesses that do not enjoy access to conventional financing markets.
"Ex-Im Bank welcomes the MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix to the growing list of Originators for the Global Credit Express (GCE) Direct Loan Program," said Ex-Im Bank Chairman and President Fred P. Hochberg. "The success of the GCE Program is based on knowledgeable referral sources like our MBDA partners, who can help us identify qualified small-business exporters that need pre-shipment working capital to expand their export sales. In FY 2013 alone, Ex-Im Bank authorized $815.6 million to support 761 export transactions by small- and medium-sized minority- and/or women-owned businesses in the U.S. In other words, approximately one in five Ex-Im transactions directly benefited minority-owned or woman-owned small businesses. This partnership will help more companies reach the other 95 percent of the world's customers that live overseas and support jobs here at home."
Through this new partnership, small- and medium-sized export businesses may be eligible for a 6- or 12-month revolving line of credit of up to $500,000 by way of Ex-Im Bank’s Global Credit Express program.
"The expansion of this partnership effort will build upon the access to capital resources available to help MBDA minority-business enterprise firms expand their global footprint," said Joann Hill, Chief of MBDA’s Office of Business Development.
