The US Export-Import Bank is extending measures to assist customers, US exporters and financial institutions located in federal disaster areas declared by the Federal Emergency Management Agency, due to the effects of recent and impending weather events.
ExIm is offering assistance measures in the areas affected by weather events, including Hurricanes Helene and Milton, to allow businesses and financial institutions that participate in the Bank's programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.
“All of us at ExIm are committed to supporting our customers and lenders affected by Hurricane Helene, and those who may be affected by impending Hurricane Milton. To reduce the burden of those dealing with these extreme weather events, we are providing flexibilities so that those we serve can focus on staying safe and charting their recovery,” said Chair Reta Jo Lewis.
Assistance measures include:
Working Capital Guarantee Program
! For loan facilities that mature between the start date of the incident period of the declared disaster, as defined by FEMA, up to 180 days from such start date, an, automatic extension of the loan facility for up to 180 days and an automatic extension for up to 180 days upon request to pay the related loan facility fee. In extraordinary circumstances, the Bank would consider waiving the loan facility fee.
! The agency is also offering waiver of program requirements with which parties cannot reasonably comply under the circumstances, waiver of defaults for nonpayment of interest up to
180 days, and waiver of provisions relating to both defaults and replenishment of collateral for over-advances resulting from losses of inventory or sales.
Short- and Medium-Term Insurance Programs
! ExIm is offering automatic policy renewal for multibuyer policies that terminate during the incident period of the declared disaster, as defined by FEMA.
! Shipment reporting and premium payment deadlines for all shipments made during the incident period will be automatically extended up to 180 days from the start of the declared disaster.
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