The NAFCU Journal September-October 2020 - 38

INDUSTRY PERSPECTIVE

Credit Union Customers
Can Export Confidently
with EXIM Support
By Kimberly A. Reed

T

he Export-Import Bank of the
United States (EXIM) recently
joined forces with NAFCU in
a collaborative effort to support credit union members, businesses,
and jobs by promoting EXIM's export
financing products. Together, EXIM and
NAFCU can help expand opportunities for U.S. businesses to market their
"Made in the USA" products around the
world by helping credit unions engage in
export financing.
Since becoming EXIM president and
chairman in May 2019, I have seen how
the agency supports American jobs
by facilitating the export of U.S. goods
and services. When the private sector is
unable to provide financing, EXIM can fill
the gap, enabling U.S. companies to compete effectively in the fierce global marketplace. In doing so, EXIM partners with,
but does not compete with, credit unions,
banks, and other lenders to empower U.S.
businesses to increase their exports.
I first engaged with credit unions nearly
20 years ago when I worked on Capitol
Hill for the U.S. House of Representatives' Committee on Ways and Means.
Then, in 2007, when I became the
Director of the Community Development Financial Institutions (CDFI) Fund
at the U.S. Department of the Treasury,
I witnessed the positive impact credit
unions were making for America's small
businesses, especially as part of the
recovery following Hurricane Katrina.
My great friend and NAFCU's current
President and CEO Dan Berger was
38

there to ensure I appreciated the role of
credit unions.
Now, more than a decade later and as our
nation focuses on reopening America in
the aftermath of COVID-19, Dan and I
are working together again. On July 21, we
launched a two-year collaborative effort to
promote EXIM export financing products
among federally-insured credit unions and
their clients. The initiative will encourage
credit unions to participate in EXIM's
lending programs in order to reduce credit
unions' risk on small business loans and
increase the financing resources available
to their small business members.
EXIM and NAFCU will join forces on
educational initiatives, training events,
and other outreach efforts throughout
the credit union industry. In fact, EXIM
held its first joint training webinar in
late August. My EXIM colleagues Jeff
Clare, who does great work as part of our
Outreach and Education team, and Mario
Ramirez, our Director of Working Capital
Guarantees Lender Relations, described
EXIM's working capital loan guarantee
and how credit unions can extend eligible
export working capital loans without prior
EXIM approval. My thanks go to all of you
who were able to join us virtually, and I
look forward to meeting you in person at
some point soon.
My partner on this endeavor, Dan, stated
during the Memorandum of Understanding (MOU) signing, "NAFCU is
proud to partner with the ExportImport Bank to increase awareness

of the lending opportunities the
agency has available for credit unions'
small-business members, Credit unions
have long been committed to supporting Main Street small businesses, now
more than ever as adversity persists and
challenges mount in today's economy. It
is paramount that credit unions remain
informed of all available lending options,
including EXIM's guaranteed loan which
is exempt from the member business
lending cap." I could not agree more.
This MOU was preceded by a three-year
MOU collaborative effort between EXIM
and the National Credit Union Administration (NCUA) to bring small businesses
and credit unions together and expand
awareness about EXIM products. During
the signing ceremony, I was delighted to
hear NCUA Chairman Rodney Hood
underscore that EXIM guaranteed loans
are exempt from the credit union member
business lending cap of 12.25 percent.
These two MOUs represent EXIM's firstever targeted outreach to credit unions
and their millions of customers in our
agency's 86-year history, and it will provide important support to America's small
businesses - especially those that may be
exporting for the first time. Together we
will educate credit unions about the extra
financial support they can provide members and possibly add new members.

Benefits of Teaming with EXIM

In today's global economy, few companies
have a customer base that is purely domestic. Credit union customers need financing

THE NAFCU JOURNAL  SEPTEMBER-OCTOBER 2020



The NAFCU Journal September-October 2020

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2020

The NAFCU Journal September-October 2020 - Cover1
The NAFCU Journal September-October 2020 - Cover2
The NAFCU Journal September-October 2020 - 1
The NAFCU Journal September-October 2020 - 2
The NAFCU Journal September-October 2020 - 3
The NAFCU Journal September-October 2020 - 4
The NAFCU Journal September-October 2020 - 5
The NAFCU Journal September-October 2020 - 6
The NAFCU Journal September-October 2020 - 7
The NAFCU Journal September-October 2020 - 8
The NAFCU Journal September-October 2020 - 9
The NAFCU Journal September-October 2020 - 10
The NAFCU Journal September-October 2020 - 11
The NAFCU Journal September-October 2020 - 12
The NAFCU Journal September-October 2020 - 13
The NAFCU Journal September-October 2020 - 14
The NAFCU Journal September-October 2020 - 15
The NAFCU Journal September-October 2020 - 16
The NAFCU Journal September-October 2020 - 17
The NAFCU Journal September-October 2020 - 18
The NAFCU Journal September-October 2020 - 19
The NAFCU Journal September-October 2020 - 20
The NAFCU Journal September-October 2020 - 21
The NAFCU Journal September-October 2020 - 22
The NAFCU Journal September-October 2020 - 23
The NAFCU Journal September-October 2020 - 24
The NAFCU Journal September-October 2020 - 25
The NAFCU Journal September-October 2020 - 26
The NAFCU Journal September-October 2020 - 27
The NAFCU Journal September-October 2020 - 28
The NAFCU Journal September-October 2020 - 29
The NAFCU Journal September-October 2020 - 30
The NAFCU Journal September-October 2020 - 31
The NAFCU Journal September-October 2020 - 32
The NAFCU Journal September-October 2020 - 33
The NAFCU Journal September-October 2020 - 34
The NAFCU Journal September-October 2020 - 35
The NAFCU Journal September-October 2020 - 36
The NAFCU Journal September-October 2020 - 37
The NAFCU Journal September-October 2020 - 38
The NAFCU Journal September-October 2020 - 39
The NAFCU Journal September-October 2020 - 40
The NAFCU Journal September-October 2020 - Cover3
The NAFCU Journal September-October 2020 - Cover4
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