The U.S. Export-Import Bank had a record year for small businesses, approving more than 3,400 small-business authorizations, according to its annual report released Friday.
"I am proud to announce that nearly 90 percent of the bank's transactions in FY2013 were for small businesses — an all-time high," said Ex-Im Bank Chairman and President Fred Hochberg. "Whether it's providing export-credit insurance to first-time exporters or working-capital guarantees to returning customers, Ex-Im Bank will continue to fulfill its mission of creating U.S. jobs."
In addition, the bank created or supported about 205,000 export-related jobs for the U.S. in its 2013 fiscal year. It also authorized financing for 3,842 export transactions, which was a record high. These transactions totaled an export value of about $37.4 billion.
The report also highlighted that the non-aircraft manufacturing industry held the highest authorized amount, which was $8.5 billion, exceeding aircraft for the first time since 1997.