Unlocking Global Markets: How the EXIM Bank Empowers Pennsylvania Businesses

In Pennsylvania, businesses are discovering new global sales horizons, thanks to the support of the Export-Import Bank of the United States (EXIM Bank). The EXIM Bank is a powerful ally for businesses looking to grow their international sales, providing a range of services tailored to meet the unique needs of exporters.

Take the story of Bassetts Ice Cream Company, the oldest ice cream company in the U.S., which has operated in the iconic Reading Terminal Market since 1893. As told through this success story on the EXIM website, in 2009 Bassetts used EXIM’s short-term credit insurance program to ship to buyers in Asia, which has since helped to grow their international profits by more than $6 million.

Among the key services EXIM Bank offers in the global market include:

  1. Export Credit Insurance: Protects against the risk of nonpayment due to commercial or political reasons, covering up to 95 percent of the sales invoice.
  2. Working Capital Loan Guarantees: Enhances borrowing capacity by allowing businesses to assign their EXIM-insured foreign receivables to a lender, improving liquidity and easing cash flow constraints.
  3. Loan Guarantees: Provides a 90% loan guarantee that encourages lenders to offer credit to manufacturers, helping them fulfill sales orders and cover labor and overhead costs.
  4. Assistance for Buyers: Helps foreign buyers obtain term financing, ensuring exporters get paid in full upon shipment.

 

By leveraging these services, Pennsylvania businesses can confidently extend credit to foreign buyers, protect against nonpayment, and access vital export funding. The EXIM Bank is dedicated to helping U.S. businesses of all sizes win and grow their international sales in more than 180 countries.

Recent data shows that more than 13,000 Pennsylvania companies export goods, totaling over $52 billion each year – and 9 percent of those businesses were small to mid-sized businesses. If you’re an employer with an interest in exporting, check out this webinar that the EXIM Bank recently partnered with the PA Chamber on hosting, or visit www.groweximgov/pennsylvania to learn more and download a complimentary copy of EXIM’s Pennsylvania Export Guide.

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Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.