The Export-Import Bank of the United States announced a new goal of $2 billion in financing for U.S.-built business planes and helicopters by the end of 2014.
The Ex-Im Bank reached its previously announced goal of $1 billion in support of exports in December 2013, 10 months ahead of schedule, it said.
During fiscal year 2014, Ex-Im Bank authorized about $740 million for the export of business aircraft and helicopters built by Beechcraft Corp., Gulfstream Aerospace and Sikorksy Aircraft.
“Ex-Im Bank has exceeded its goal to increase export financing of U.S.-made business aircraft and helicopters to $1 billion by 2014, and we expect to double that amount by the end of the calendar year,” Fred Hochberg, the bank’s chairman and president, said in a statement. “The Bank’s support is enabling these manufacturers and their workers to create American jobs and meet the growing global demand for their excellent products, particularly in markets where other sources of buyer financing are not readily available.”
Ex-Im Bank is a federal agency that fills the gaps in private export financing at no cost to taxpayers, it said.
The bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing, to help foreign buyers buy U.S. goods and services.