(The Daily Signal)—In an effort to beef up America’s manufacturing and reduce reliance on foreign companies, the Export-Import Bank, a federal credit agency, is unveiling a new loan opportunity for manufacturers.
Specifically, the bank is now “offering lender guarantees of up to 90% on equipment loans and operating leases” to American small and medium-sized manufacturers, a move it says will accelerate “the reindustrialization of America.“
The bank, which was established in 1934, seeks to provide financing for American exporters to give them a competitive advantage.
The announcement of the initiative comes after the National Security Council—which advises the president on military and foreign policy—held a round table discussion Monday with the heads of EXIM, the Department of Commerce, and the Small Business Administration on the topic of reindustrialization.
“For too long, the United States has relied on foreign production of machine tools and manufacturing machines,” reads an EXIM document explaining the project.
It adds, “Now, EXIM’s expanded Make More in America (MMIA) initiative will re-establish the domestic supply and secure U.S. leadership across all industrial manufacturing subsectors, from castings and forging to high-end automation.”
EXIM chairman John Jovanovic said in a statement of the initiative, “We are putting American small business manufacturers first at EXIM and improving access to capital so they can grow and compete internationally.”
He added that by providing “up to a 90% guarantee on equipment financing, EXIM is helping lower costs and support investment, making it easier for businesses to expand operations and compete globally.”
