Partnership to provide export financing for Iowa businesses

The Iowa Small Business Development Center on Tuesday announced a partnership agreement with the Export-Import Bank of the United States that is designed to help small- and medium-sized businesses increase export sales and create jobs.

The relationship through Ex-Im Bank's City/State Partnership, the first of its kind in Iowa, will provide exporters with better access to information about Ex-Im Bank's products and services within the Iowa SBDC's statewide network of  15 regional centers and International Trade Center, where entrepreneurs meet with finance counselors.

The Iowa SBDC network is sponsored by Iowa State University's College of Business, in cooperation with 13 other regional colleges and universities. It is partially funded by the U.S. Small Business Administration.

"This partnership will put Ex-Im's financing benefits within easy reach," said Fred Hochberg, Ex-Im Bank chairman and president.

Exporters will be able to acquire low-cost working capital up to $500,000, as well as Express Insurance, which simplifies small business access to export credit risk insurance on foreign accounts receivable.