The Export-Import Bank of the United States (Eximbank) has come under fierce attack from a businessman who says that the official US export credit agency (ECA) is these days favouring larger businesses.

President and CEO of Deltra Brands Inc. (DBI), Samuel Savariego, says letters of credit (L/Cs) obtained through Eximbank's Working Capital Programme helped his business grow. Now he claims Eximbank decisions have caused his business some difficulties.

Export history

Savariego's company produces machine tools used to process steel for the defence and civilian industries. During its forty year history the company has exported equipment across the world and, to export to developing countries, DBI needed special financing that its president says could only be provided by Ex-Im Bank.

In a lengthy statement on the DBI web site Savariego says Eximbank failed to provide support for a deal for the Texas-based company to sell machine tools to Ukraine. Eximbank "killed DBI's Ukrainian deal" the statement says, and suggests several apparently uncorroborated arguments in support of this proposition.

Business support

One argument put forward by Savariego is that Eximbank now favours larger businesses over the smaller US businesses the ECA has in its remit to support.

Eximbank maintains that it continues to take its targets to help smaller businesses very seriously.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.