NCUA and the Export-Import Bank of the United States (EXIM) this week launched a three-year collaborative effort to bring small businesses and credit unions together and expand awareness about EXIM programs.
The NCUA and EXIM signed a memorandum of understanding to undertake a series of initiatives that will help credit unions better understand and make use of EXIM guaranteed loans and resources. These joint initiatives may include webinars and training events.
“Under this agreement, we’ll be working with EXIM to develop educational and training initiatives on export financing opportunities to share with credit unions, so they can educate their small-business members about the available opportunities, such as an EXIM guaranteed loan being exempt from the member business cap of 12.25%,” said NCUA Chairman Rodney Hood. “Helping small businesses to gain access to capital is essential, and we can anticipate that this collaboration will be a great help to many hard-pressed entrepreneurs, particularly the steep challenges they face in today’s environment.”
“This MOU represents EXIM’s first-ever targeted outreach to credit unions and their millions of customers, and will provide important support to America’s small businesses – especially those that may be exporting for the first time,” said Chairman Reed. “NCUA Chairman Hood is a visionary leader and I look forward to the collaboration between our agencies to raise awareness with credit unions on the services available through EXIM to help their members export, grow their businesses and U.S. jobs, and bring prosperity to local communities.”
Commercial lending by federally insured credit unions has grown in recent years. At the end of 2019, credit unions reported more than $81 billion in commercial loans outstanding.