OK....sure, there is fine print and there are some restrictions and limitations.
But this looks like a real and substantive program improvement, not simply a bureaucratic embellishment.
This short-term insurance policy helps small businesses expand into new foreign markets, add new buyers, and transfer all foreign buyer credit decision making to Ex-Im Bank at an economical cost. It is a "named buyer" policy that simplifies small business access to export credit risk insurance on their foreign accounts receivable. In addition to providing payment risk protection and allowing the extension of competitive credit terms to foreign buyers, the insurance also enables small businesses to obtain lender financing of those receivables through the assignment of policy proceeds.
A streamlined online application provides a policy quote and credit decisions up to $300,000 on foreign buyers within five workdays (buyer credit requests exceeding $300,000 will require additional processing time). Insurance premiums are payable only upon an exporter's shipment, or invoice for services, to a buyer pre-approved by Ex-Im Bank. Premium rates are determined by a rate schedule based on the credit term with no differentiation based on country.
Credit reports on all buyers the exporter elects to insure are complimentary (though they remain with Ex-Im Bank). Insuring pre-existing foreign buyers is optional. There are no application fees. A $500 advance deposit is required at quotation acceptance to issue the policy. This deposit is refundable if the exporter decides to cancel the policy.