The U.S. Export-Import Bank, also known as EXIM, spoke to the Guam business community on Tuesday.
They held a webinar to introduce tools to help develop export industries for the island.
EXIM is the official export credit agency for the United States.
When private sector lenders are unable or unwilling to provide financing EXIM fills the gap for businesses seeking to compete in international markets.
Tuesday’s webinar focused on two programs — the Working Capital Loan Guarantee Program and the Export Credit Insurance Program.
Guam Chamber of Commerce president Catherine Castro, who was in attendance, told PNC that “EXIM is an untapped resource for our local businesses and we are pleased that engagement with them is continuing.”
“There is still a lot of work as our businesses navigate this new resource but with Congressman San Nicolas’ continued support we look forward to successes in the future,” Castro said.
Congressman Michael San Nicolas, who was also in attendance, said he looks forward to the possibilities EXIM brings for Guam’s business ventures in the region.
“Every single import from the FSM, RMI, and Palau that originates from the United States or originates from Guam is potential business that the EXIM can facilitate and they can take so much risk off the table and provide financial support for local enterprises to really enhance the export capacity of the island, and help us grow that elusive fourth leg of our economy,” San Nicolas said.
During the webinar, San Nicolas announced he’d be taking a seat on the Financial Institutions Subcommittee within the Financial Services Committee.
He said that in that capacity, he expects to work with EXIM as well as local financial institutions in the future.