…Highlights EXIM Financial Tools Small-Business Exporters Can Use To Boos International Sales, Support US Jobs
By Emmanuel Oluebube
Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today addressed approximately 30 members of the National Association of Credit Union Service Organizations (NACUSO), outlining how credit unions can partner with EXIM to support their small-business members.
During the virtual event, Chairman Reed highlighted how credit union customers can use EXIM’s financing tools and resources to grow their international sales, showcase their “Made in the USA” products, and sustain American jobs. The webinar, first in a series of EXIM outreach efforts to credit unions, followed the June 9, 2020, signing of a memorandum of understanding between EXIM and the National Credit Union Administration (NCUA).
“One of the important benefits of credit unions — especially today as we all work to re-open our economy in the aftermath of COVID-19 — is their great ability to support small businesses,” said Chairman Reed. “While credit unions have long supported small businesses, they can do even more by partnering with EXIM to provide access to financial tools such as working capital loan guarantees, which are exempt from the credit union member business cap of 12.25 per cent.”
Also participating in the webinar were:
- NACUSO Legal Counsel, Guy Messick.
- NACUSO Membership and Advocacy Development Officer, Denise Wymore.
- EXIM Director of Working Capital Guarantees Lender Relations, Mario Ramirez.
- EXIM Business Development Specialist, Jeffrey Clare.
The participants discussed how the growth of commercial lending has created opportunities for credit unions to further support their small-business members. By partnering with EXIM, small-business exporters can mitigate the risk of nonpayment on international sales by using tools such as EXIM’s working capital loan guarantee.
“We are excited to host this very informative and timely webinar with EXIM,” said NACUSO President and CEO Jack Antonini. “This gives credit unions that are interested and/or participating in commercial lending the opportunity to support small businesses, which is so important today.”
Federally insured credit unions are an important part of the US financial structure, with more than 5,000 institutions and a membership of 120.4 million during the fourth quarter of 2019. Total assets in federally insured credit unions reached US$1.57 trillion at the same time, with total outstanding loans of US$64 billion.
