Application for Short-Term Equity Express Select Credit Insurance Policy
New collection (Request for a new OMB Control Number)
No
Emergency
11/28/2023
11/20/2023
Requested
Previously Approved
6 Months From Approved
500
0
125
0
0
0
The Export Import Bank of the United States (EXIM) pursuant to the Export Import Bank Act of 1945, as amended (12 USC 635, et seq), facilitates the financing of exports of U.S. goods and services. By neutralizing the effect of export credit insurance and guarantees offered by foreign governments and by absorbing credit risks that the private sector will not accept, EXIM enables U.S. exporters to compete fairly in foreign markets on the basis of price and produce. This collection of information is necessary, pursuant to 12 USC Sec. 635 (a) (1), to determine eligibility of the applicant for EXIM assistance.
EXIM wishes to make available on its EXIM Online (EOL) online portal, used by U.S. companies to apply for export credit insurance, an âApplication for Equity Express Select Insuranceâ that is, except for the title, identical to the OMB-approved âApplication for Express Insuranceâ, which is already available on EOL. The content of the two forms and the information collected is the same for both forms. Only the title of the documents is different. We need to integrate this form into our IT systems (i.e., EOL) alongside the Express Insurance application.
Both forms target U.S. small business, but the âApplication for Equity Express Select Insuranceâ targets a subset of small businesses, specifically certain underserved communities (e.g.., minorities, woman, veterans, disabled, and rural). Having a separate but identical form (except for the title) will help EXIM to better brand this product and position it with its targeted market segment.
EXIM is celebrating its 90th anniversary in February 2024. The Chair of EXIM is expected to announce the availability of Equity Express Select insurance as part of EXIMâs anniversary celebrations . EXIM needs to have the âApplication for Equity Express Select Insuranceâ form available in EOL for qualifying small business customers in time for the launch of Equity Express Select insurance. As EXIM is the official export credit agency for the U.S., this Application is essential to EXIMâs mission. And because of our Chairâs anticipated announcement date of February 2024, use of the normal PRA approval procedures will likely disrupt EXIMâs ability to collect information using this Application.
US Code:
12 USC 635
Name of Law: Powers and functions of Bank
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form EIB 23-02 Application for Short-Term Equity Express Select Credit Insurance Policy
EIB 23-02 Application for ST Equity Express Select Ins Policy Letter - Nov 13 2023.docx
Application for Short-Term Equity Express Select Credit Insurance Policy