With President Barack Obama visiting the Boeing factory in Everett today, the White House has issued a statement outlining newly announced “actions to promote American manufacturing and increase U.S. exports.”
There’s something in it for small businesses, of course:
New Credit for Small Business Exporters: Today, the President will announce that the Export Import Bank will launch a pilot program, Global Credit Express, to help small business exporters access hard-to-find short term working capital lines of credit. Working with their existing lenders, small businesses will be able to apply directly to the Export-Import Bank for 6-12 month loans of up to $500,000. This year, the program could help small exporters access up to $100 million in much needed capital. At the same time, today Boeing committed to joining the Export-Import bank’s Supply Chain Financing Program, which helps firms, including Caterpillar and Case New Holland advance funds against export-related contracts, providing liquidity and working capital more quickly and on better terms. Through this partnership Boeing’s small business suppliers will be able to access over $700 million in short-term credit this year.
HeraldNet will cover the president’s visit to Everett live today. Just go to the home page. We’ve got five reporters and four photographers at Paine Field.