Regional Export Promotion Act

Summary#

This bill amends the Export-Import Bank Act of 1945 to codify and expand a Regional Export Promotion Program at the Export-Import Bank of the United States. The Program will let the Bank work with eligible regional partners — including state, county, and city governments; nonprofit economic development entities tied to colleges; small business development centers; and world trade centers — to expand export opportunities.

The bill also creates a five-year pilot to focus the Program on areas with many small businesses. The pilot requires the Bank to prioritize partners that serve HUBZones, community development financial institutions, minority depository institutions, local chambers of commerce, and local community banks and credit unions. Under the pilot, the Bank must provide specialized training and marketing materials, short-term export credit insurance products for small accounts, and streamlined application processes for first-time users. The Bank must report to the relevant congressional committees yearly for five years with data on new partners, product use by small businesses, an assessment of the pilot, and recommendations about funding.

What it means for you#

• Regional and local economic development groups listed in the bill can become partners with the Export-Import Bank to help businesses pursue exports.
• Small businesses in targeted areas may gain access to training, marketing support, short-term export credit insurance products, and simpler application steps if their regions are part of the pilot.
• The pilot focuses on partners serving HUBZones, community development financial institutions, minority depository institutions, local chambers, and local banks or credit unions.

Expenses#

No publicly available information on costs or required appropriations is included in the bill text.

Proponents' View#

No publicly available information.

Opponents' View#

No publicly available information.