The US' Export-Import Bank (Ex-Im Bank) has launched a new interactive web-based service that will soon allow US small businesses to obtain letter of credit (L/C) insurance online.

The online service should provide benefits to Ex-Im Bank's small business clients and enable the bank to provide improved services to clients.

Service scope

Launched on 1 June 2006, Ex-Im Bank Online enables exporters, as well as brokers and financial institutions, to go online to apply for insurance, monitor the status of applications, receive and accept quotes, report shipments, obtain buyer approvals and request policy amendments.

Later this year, Ex-Im Bank says the service will also include L/C and short-term single-buyer insurance as well as medium-term insurance and medium-term loan guarantee products.

Benefits

The service aims to reduce paper work, lower costs to Ex-Im Bank customers, and improve the quality and timeliness of servicing applications.

It is also designed to free up more Ex-Im Bank staff time for in-depth one-on-one assistance to small business customers who are new to the US export credit agency's financing products.

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