Interlink's Alan Beard Explains the Importance of the Ex-Im Bank to Virginia Business Magazine1/1/2015
 Washington D.C. -October 21,2015, With the temporary expiration of the Ex-Im Bank from July 1, 2015 until December 4, 2015, many local businesses struggled to export their products as they had done for many years with the support of the Ex-Im Bank. The Ex-Im Bank has a renewed charter allowing ExWorks Capital to continue provide US companies with Ex-Im Bank backed financing options to export their products. With the Ex-Im Bank temporarily losing their charter (July 2015-December 2015), many small Virginia businesses suffered. News outlet Virginia Business wrote an article detailing the financial losses of local businesses as a result of the Ex-Im Bank being out of operation that can be found in the link above. During the extended closure of the U.S. Export Import Bank, Virginia Business interviewed Interlink on the importance of the Bank to small business. The following is an excerpt of the article: "Exporters now are having to look at much more costly sources of financing, or candidly, they're not able to replace it, and it tends to discourage their export activities." said Alan Beard. With the Ex-Im Bank receiving a new charter, Interlink has found a renewed sense of urgency in supporting the financing needs of US companies. This financing helps to support American jobs and US companies to export their products.
For the last 81 years the Ex-Im Bank has provided financing to US companies. Congress allowed the Ex-Im Bank's charter to expire June 30, 2015 and thus temporarily ended this financing option for US companies. The Ex-Im Bank received re-authorization on December 4, 2015 after receiving the necessary support of the Senate, House of Representatives, and President Obama. This means that for a three month period the export credit agency was unable to issue any new insurance policies or financing deals. The Ex-Im Bank also provides financing for foreign companies that want to purchase US companies' products. These financing options are essential to many small to medium size US companies that are unable to afford alternative financing methods. With financing temporarily unavailable, many US companies felt the pain of being unable to export their goods to customers and clients. Read full article Click here. Comments are closed.
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