FedEx andÂ The Export-Import Bank ofÂ The United StatesÂ (Ex-Im Bank)Â have announced an innovative new alliance that will help U.S. small and medium-sized businesses (SMEs) reach the 95% of the world’s customers who live overseas.
Ex-Im BankÂ and FedEx signed an agreement inÂ Washington, D.C.Â outlining their commitment to providing U.S. exporters increased access to Ex-Im Bank products and services.
As part of this agreement, FedEx international customer representatives will make their clients aware of the Bank’s abilities to protect against the risk of nonpayment and to extend credit to buyers, eliminating the need for expensive letters of credit or cash-in-advance payments. Customers who are interested in this service will then be connected to Ex-Im Bank’s managers for trade finance counseling.
“The first steps for a business as it expands to international markets can be daunting. We are helping clear the hurdles for small and medium size businesses to access the 95% of the world’s population outside of U.S. borders. With this alliance, FedEx sales and marketing will now have additional valuable resources they can share with our customers to help them grow their business through exports,” saidÂ Michael Ducker, Chief Operating Officer and President, International FedEx Express. |
“It complements the alliance we have established with the U.S. Commercial Service to assist our customers with locating markets for business expansion.”
The Ex-Im BankÂ 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. 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.
Ex-Im Bank’sÂ total authorizations are supporting an estimatedÂ $50 billionÂ in U.S. export sales and approximately 255,000 American jobs in communities across the country.
“Ex-Im Bank is an example of government operating at the speed of business, and there is nothing that moves faster than businesses like FedEx,” saidÂ Ex-Im Bank Chairman and PresidentÂ Fred Hochberg. “This alliance with FedEx will help businesses increase sales, create jobs, and succeed in international markets.”