The Export-Import (Exim) Bank of the United States has temporarily withdrawn all financing support for exports of “critical medical equipment” and supplies needed to fight the coronavirus. This restriction is effective from April 15, 2020 until September 30, 2020.
The exclusion order applies to all its loans, loan guarantees, and insurance products covering the following items:
- N95 respirators,
- other surgical masks,
- face shields,
- medical examination gloves,
- portable ventilators,
- powered air purifying respirators,
- medical gowns,
- sanitizing and sterilization products, and
- drugs containing hydroxychloroquine as their active ingredient.
The good news is that Exim is open for business and will continue to provide support for export of other medical equipment (including used/refurbished and new medical equipment) that does not qualify as “critical medical equipment” and supplies needed to fight the coronavirus. The Exim Bank reopened for large deal financing on December 20, 2019. In 2019, the total exports financed was a little over $9 Billion. Their current 2020 budget available for financing exports is approximately $175 Billion.
A further good news is that the Non-Woven Fabrics and Melt Blown Fabrics used for manufacturing some of the PPE was not in the list of items prohibited from export or export financing. These products are currently in short supply world-wide.
Cassona International helps companies that export US goods and services provide credit facilities to their foreign customers. Contact us at through our website www.cassonainternational.com or firstname.lastname@example.org or 415-533-7782; 510-295-3436 if you are an exporter and will like to explore an opportunity to provide credit facilities to your foreign customers to enable them purchase more of your goods and services.