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SMEs urged to access US financing

The US Export Import Bank is encouraging Bahamian businesses to take advantage of its financing programmes. 

Thursday, June 28, 2012
Thursday, June 28, 2012

Ministry for Grand BahamaBahamian businesses are being encouraged to take advantage of financing programmes offered by the US Export Import Bank (Ex-Im).

Registered broker for the Ex-Im Bank and president of Global Trade and Financing Luis Castillo held a presentation on the work of the bank at a recent seminar organized by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and US Embassy.

He urged small and medium-sized enterprises (SMEs) in particular to apply for financing through the bank which provides loans for companies seeking to import US goods.

“We do not want to compete with banks; it is a supplemental tool,” Castillo explained. “We are creating jobs through export, that is what Ex-Im is all about.”

“It is more flexible [than bank capital]–any industry, except military, and any size [of product]. We are open, as long as we have the right product. We are going to break the myth of too much paperwork and the myth of big transactions.”

Funding can be dispersed through short-term, medium-term or long-term loans. The bank, which was established in 1934, approved almost 4,000 transactions in 2011.

US Embassy Charge D’affaires John Dinkelman said the bank provided $2 billion a year in trade finance to SMEs and fostered important international relationships.

“It creates enormous opportunities for countries abroad to build relationships with US businesses,” he told seminar delegates.

The Ex-Im Bank is expanding and will increase its lending cap to $140 billion over the next four years.


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