Legal Definitions - Ex-Im Bank

Definition: The Ex-Im Bank, also known as the Export-Import Bank of the United States, is a government agency that provides financial assistance to American businesses that export goods and services to other countries. The bank offers loans, guarantees, and insurance to help these businesses compete in the global market.

Example: Let's say a small business in the United States wants to sell its products to a company in another country, but the foreign company is hesitant to make the purchase because they are unsure if the American business can deliver on its promises. The Ex-Im Bank can step in and provide a guarantee to the foreign company that the American business will fulfill its obligations. This can help the American business secure the sale and expand its operations.

Explanation: The Ex-Im Bank exists to support American businesses that want to sell their products and services overseas. By providing financial assistance, the bank helps these businesses compete in the global market and create jobs at home. The example illustrates how the bank can provide a guarantee to a foreign company, which can help an American business secure a sale and grow its operations.