Industry News
New York Ex-Im Bank
TweetOctober 8, 2014
New York may become the first state to replicate the Federal Export-Import Bank (Ex-Im). During a trade summit in New York on October 7, 2014, New York Governor Andrew Cuomo revealed the initial proposal to fund a state Ex-Im Bank with $35 million from the NY Development Fund. The goal of the Bank is to “help small- and medium-sized New York companies tap into global markets to grow their exports and create new jobs in [the] state.” The state bank will work with its federal counterpart “to connect creditworthy small businesses to export financing” and will “provide short-term loans of up to $500,000.”
During the initial investment, the money will be split between a loans, grant funds, and trade financing programs. Empire State Development, an organization that works to stimulate economic growth, will supply and oversee $25 million designated for the lending program and about twenty other investors will finance $50 million into the project. The grant component will consist of $10 million and will be divided up into loans up to $25,000 to increase businesses’ export productivity through “export marketing plans, website translation, product adaptation and market certification.”
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