Ex-Im Bank sets $2bn finance goal for US business aircraft

Gulfstream G650 flying

Ex-Im Bank has set a new goal of $2 billion in financing of US-manufactured business aircraft and helicopters in 2014.

Gulfstream G650 flying.

The Export-Import Bank of the United States (Ex-Im Bank) has announced a new goal of $2 billion in financing for US-manufactured business aircraft and helicopters by the end of 2014.

The Bank reached its previously announced goal of $1 billion in support of these exports in December 2013, 10 months ahead of schedule.

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In FY 2014 to date, Ex-Im Bank has authorised around $740 million for exports of business aircraft and helicopters made in the US by companies that include Gulfstream Aerospace, Beechcraft and Sikorsky Aircraft.

Ex-Im Bank’s financing also supports sales and jobs of US small businesses in the supply chains of these manufacturers.

Fred P. Hochberg, chairman and president of Ex-Im Bank, said: “Ex-Im Bank has exceeded its goal to increase export financing of US-made business aircraft and helicopters to $1 billion by 2014, and we expect to double that amount by the end of the calendar year. 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 topped its previous goal in December 2013 with the guarantee of a $300 million loan extended by Apple Bank for Savings to Minsheng Financial Leasing Company of Tianjin, China, that is financing the purchase of a fleet of eight aircraft manufactured by Gulfstream.