Imperial Valley Economic Development Corporation Becomes Ex-Im Bank City-State Partner
November 6, 2009California’s Imperial Valley Economic Development Corporation (IVEDC) and the Export Import Bank of United States (Ex-Im Bank) have signed a new partnership agreement. IVEDC has joined Ex-Im Bank’s City-State Partners Program, a nationwide marketing initiative that brings state and local government offices and private-sector organizations into partnerships with Ex-Im Bank to expand export opportunities.
“Ex-Im Bank is delighted to widen the reach of its financing for Imperial County exporters,” said David Josephson, Ex-Im Bank Western regional director, who signed the agreement on behalf of Ex-Im Bank at IVEDC headquarters in El Centro, Calif. “The county has a long history of exporting alfalfa hay cubes and baled hay products to Asia, and borders on Mexico to the south. We plan to put Ex-Im Bank loan guarantees and insurance behind these exporters to support U.S. jobs and spur economic growth.”
“Imperial Valley Economic Development Corporation’s International Committee is interested in bringing awareness to local businesses of programs that will help make the Imperial Valley more competitive in the global economy. We believe a partnership with Ex-Im Bank will help achieve that goal,” said IVEDC President and CEO Timothy E. Kelley.
As an Ex-Im Bank City/State Partner, IVEDC can help local businesses learn about and apply for a range of Ex-Im Bank financing products, including short-term export-credit insurance to mitigate the risk of foreign buyer nonpayment, loan guarantees to increase export-related working capital and medium-term financing for foreign buyers. IVEDC is the region’s economic development entity.
