Monday, February 20, 2012

Small Business Exporters Now Have Access to $100 Million Revolving Credit Through Export-Import Bank Program

More small business exporters in the Pittsburgh region and throughout the United States will have access to $100 million in revolving credit, thanks to a new product unveiled this week by the Export-Import Bank of the United States (Ex-Im Bank) called Global Credit Express (GCE).

"Global Credit Express is an innovative product that will help small business exporters obtain the financing they need to improve their bottom line and succeed in a highly competitive global economy," said Ex-Im Bank Chairman Fred P. Hochberg. "This new product will provide additional liquidity for eligible American exporters and access to financing at a reasonable cost."

Through GCE, small business exporters may be eligible for a revolving line of credit, up to $500,000 for 6 to 12 months. During the program's pilot phase, an initial $100 million in financing will be made available through a select number of lenders nationwide. Following the pilot, the Bank will evaluate the results of this direct loan program and determine whether to increase the available amount. The product is specially designed to finance the business of exporting rather than specific export transactions.

Small business exporters interested in applying for financing through GCE the Duquesne University Small Business Development Center at 412-396-1633 or by email at duqsbdc@duq.edu or by contacting Ex-Im Bank directly by calling toll-free to 1-800-565-EXIM (3946) and selecting option 2.

The Duquesne SBDC is one of three of the Ex-Im Bank's City-State Partners in Pennsylvania. It offers no-cost, confidential consulting services and training workshops for small businesses and those thinking of starting a business in the region.

The Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
 For more information, visit www.exim.gov.
  

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