The U.S. Export-Import Bank (Ex-Im) announced a new goal today, pledging $2 billion in financing for U.S.-manufactured business airplanes and helicopters by year-end. It reached a previously announced goal of $1 billion in financing for these exports in December, 10 months ahead of schedule.
So far in Fiscal Year 2014, which started on October 1, the independent federal agency has authorized some $740 million for exports of business aircraft made in the U.S. by Gulfstream, Beechcraft and Sikorsky, among others. Ex-Im said its financing also supports sales and jobs at U.S. small businesses in the supply chains of these manufacturers.
“The bank’s support is enabling these manufacturers and their workers to create American jobs and meet the growing global demand for their products, particularly in markets where other sources of buyer financing are not readily available,” said Ex-Im Bank chairman and president Fred Hochberg.
Ex-Im Bank topped its previous goal in December with the guarantee of a $300 million loan extended by Apple Bank for Savings to China’s Minsheng Financial Leasing that is financing the purchase of eight Gulfstreams.