EXIM Bank Relief Measures in Response to COVID-19

(JD Supra LLC, Sausalito, 13 April 2020) In response to the economic slowdown caused by the COVID-19 pandemic, the Export–Import Bank of the United States (“EXIM Bank”), the official export credit agency of the United States, has adopted four measures to help U.S. exporters and their suppliers and overseas buyers of U.S. goods and services get access to cash to support their transactions:

1. Established a temporary Bridge Finance Program to help foreign customers of U.S. exporters get short-term financing for purchases of U.S. goods and services;
2. Temporarily expanded the Pre-Export Payment Policy into a new Pre-Delivery/Pre-Export Financing Program to help foreign buyers finance progress payments owed to U.S. manufacturers during the manufacturing process;
3. Broadened the Working Capital Guarantee Program by expanding the categories of assets that exporters can include in their baseline for purposes of determining borrowing level eligibility;
4.  Increased access to Supply Chain Financing Guarantee Program by relaxing two conditions on eligibility.