The U.S. Export-Import Bank has partnered with World Business Chicago to launch the so-called Chicago Trade Accelerator, a program that will provide new resources for small area businesses that are ready to expand.
“Mayor (Rahm) Emanuel has made export promotion one of his signature issues, and we are working together to create jobs tapping into the entrepreneurial spirit of Chicago’s exporters,” said Ex-Im Bank Chairman Fred P. Hochberg in a statement. “As part of this partnership, we’re expanding our Small Business Global Credit Express lending program to make sure that small businesses that work with WBC have direct access to the Ex-Im resources they need.”
The purpose of the program is to ensure that the bank`s export finance programs are more accessible to small and midsized businesses through the help of state and local organizations. Ex-Im Bank trains city and state representatives to market the bank`s programs to local businesses and commercial banks, offer seminars, counsel exporters, and package transactions. These local partners facilitate many commercial loans that otherwise would not go forward, the bank said.
Last April, the Chicago mayor announced a strategy to double exports from the city’s small and midsized businesses over the next five years. Chicago is the third largest metro area in the country, but only the seventh largest exporter. Estimates suggest that doubling exports from small and midsized companies would create nearly 100,000 new jobs.
Further, Ex-Im Bank is expanding access to its Global Credit Express program to ensure that state and local entities, like WBC, can best serve their clients. WBC and other local export partners will now be able to refer clients that need short-term export working capital directly to the Ex-Im Bank for global credit express loans. Export working capital up to $500,000 is available through this program. Ex-Im Bank’s regional offices and city and state partners will help exporters with the bank’s application process and conduct site visits to complete the required due diligence.
Chicago Trade Accelerator launched
