EXIM Marks Veterans Day with Export Tools for Small Businesses

During November, the nation pauses to honor the men and women who have served our country with dedication, valor, and sacrifice. Throughout the month, Americans salute all who served in the U.S. Armed Forces with parades and events nationwide, including the National Veterans Day Observance held each year on November 11 at Arlington National Cemetery.

The Export-Import Bank of the United States proudly joins in celebrating these 15.8 million military veterans - representing 6.1 percent of the total U.S. population - and the contributions they have provided to our nation and our economy. To honor their service, EXIM President and Chair Reta Jo Lewis is presenting a special message to thank these brave men and women for their service in defending our nation.

EXIM President and Chair Reta Jo Lewis honors veterans with a special message. You also can view her message here.

Resources for Veteran-Owned Businesses

As veterans continue their service by starting their own businesses, EXIM stands ready to support them. For veterans operating a small business, exporting U.S.-made products provides a proven path to success that capitalizes on their global experience and military skills to reach the vast consumer base in the global marketplace.

According to the most recent data from the U.S. Census Bureau, the number of veteran-owned businesses remains strong. The Census Bureau found that:

• There are 304,823 veteran-owned businesses, representing more than 5 percent of all U.S. employer businesses, meaning those business with more than one employee.
• Those businesses generate an estimated $922.2 billion in receipts.
• They provide jobs for 3.3 million employees with $179.9 billion in annual payroll.

When those numbers for employer businesses with multiple employees are combined with the number of nonemployer businesses that have one employee, the Census Bureau found that veterans own a total of 1.6 million businesses that generate nearly $1 trillion in receipts.

EXIM can assist veteran-owned businesses with the trade finance tools they need to export their American-made goods and services worldwide.

To help spread the word about EXIM financing to underserved communities, EXIM's Minority and Women Owned Business Division works directly with companies that are owned by minorities, women, veterans, people with disabilities, and the LGBTQ+ community as well as rural and startup businesses, helping them access EXIM financing and navigate the next steps on their exporting journey. The MWOB Division is celebrating its 25th anniversary in 2024.

As part of those efforts, EXIM recently launched an innovative new product - the Equity Express Select (EQS) export credit insurance policy, an insurance tool created to help qualifying companies begin or expand their export business. The EQS insurance product is designed to help businesses start or expand their exporting journey and then graduate to one of EXIM's other export credit insurance products. It is supported by an in-house customer service team that will guide companies through the application and servicing process.

Honoring Generations of Veterans

November marks National Veterans and Military Families Month, highlighted annually on November 11 with Veterans Day. The observance originated as Armistice Day, which was designated by President Woodrow Wilson on Nov. 11, 1919 - the first anniversary of the end of World War I, which took effect on the eleventh hour of the eleventh day of the eleventh month.

Congress passed a resolution in 1926 making it an annual observance, and it became a federal holiday in 1938. In 1954, following World War II, President Dwight Eisenhower signed legislation changing the name to Veterans Day, expanding it beyond World War I to honor all who serve the country during war or peacetime.

In proclaiming Veterans Day 2024, President Biden praised veterans as "patriots who have stood on the frontlines of freedom and kept the light of liberty shining bright around the world" and encouraged all Americans to honor those who have preserved, defended, and fought for our democracy.

"Each one of our Nation's veterans is a link in a chain of honor that stretches back to our founding days - bound by a sacred oath to support and defend the United States of America. Throughout history, whenever and wherever the forces of darkness have sought to extinguish the flame of freedom, America's veterans have been fighting to keep it burning bright," the President said.

To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a trade finance specialist and launch your export journey today.

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