Federal Export Agency Opens Minneapolis Office
The Export-Import Bank of the United States said Tuesday that it has opened a new regional export finance center in Minneapolis.
The bank is an independent federal agency that aims to help create and maintain U.S. jobs by filling gaps in private export financing without burdening American taxpayers. It provides a variety of funding mechanisms, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. goods and services.
The new center is the first of four that the Export-Import Bank is opening this year in an effort to stimulate the nation’s exports. According to the bank’s news release, the new office will assist local businesses in learning about opportunities abroad and help them to access the bank’s products and services.
The bank will open other, similar regional centers in Atlanta and Seattle later this month and in Detroit, Michigan, in the late fall.
“Our mission at Ex-Im Bank is to support American jobs by financing American exports,” Wanda Felton, the bank’s first vice president and vice chair, said in a prepared statement. “The opening of our new export center in Minneapolis is good news for regional exporters as we seek to boost exports and job growth.”
Over the past five years, the Export-Import Bank has authorized approximately $710 million to Minnesota businesses to support $1.4 billion in export sales. Among the 138 exporters who received financing from the bank during this period, 88 were small businesses.