Federal agency, state sign pact to boost trade

October 17, 1991|By David Conn

The U.S. Export-Import Bank announced yesterday that it has signed an agreement with Maryland that will improve the state's ability to help small companies do business overseas.

The agreement makes Maryland the first state to formalize a relationship with Ex-Im Bank for its medium-term export credit insurance program. The program, part of Ex-Im Bank's City/State Program, provides financing guarantees for up to seven years and worth up to $10 million for foreign companies that want to buy equipment and goods from U.S. companies.

Under the agreement, the state Department of Economic and Employment Development will advise Maryland exporters and those shipping through the port of Baltimore or the Baltimore-Washington International Airport.

DEED will advise companies on available financing programs and help them prepare applications to Ex-Im Bank, an independent federal agency. The bank has agreed to process the loan guarantee requests on an expedited basis.

Maryland was one of the pilot states to join the City/State Program when it was started four years ago, according to Joyce Papes, the program's coordinator. "They are just a very aggressive state," she said.

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