Seventeen months ago, my family and I moved from South Africa to New Jersey. My wife had been transferred for work, and I had already been working remotely with American Trade Finance for several years. Most of my work has been on the underwriting side, supporting foreign buyers of U.S.-produced goods and services.
Until we relocated, I had limited contact with U.S. exporters. But being here has given me the chance to meet the people behind the numbers. I’ve made it a point to connect with small and mid-sized exporters, to understand their challenges firsthand and see how they’re competing globally.
One thing that continues to surprise me is how few of these companies use the export support programs available to them—even though SMEs account for nearly 90% of U.S. exporting firms. The Export-Import Bank (EXIM) and the U.S. Small Business Administration (SBA) are specifically mandated to support small exporters, but adoption of trade credit programs remains low.
That’s why I’m starting my own series, looking at real EXIM-backed transactions, one state at a time. I’ll use public data to break down the structure of these deals and share what exporters can learn from them. No company names or client details—just an underwriter’s view of how these deals get done.
And it only seemed right to begin with New Jersey.
EXIM Loan Guarantee: $363.6M Authorization for Angola Project
In late 2023, EXIM’s Board approved two linked long-term loan guarantees for a combined total of $363.6 million. The transaction supported a manufacturer and exporter based in Parsippany, New Jersey, exporting fabricated structural metal components for a critical infrastructure project in the Republic of Angola.
The deal was structured as two separate authorizations:
- $125.4 million
- $238.2 million
Combined, they form one of the largest small-business authorizations EXIM has supported in recent years. The deal relied on a sovereign guarantee from Angola’s Ministry of Finance, which allowed it to move forward despite the country’s restrictions under EXIM’s Country Limitation Schedule.
What Made the Deal Work
The sovereign guarantee was essential. It allowed for extended repayment terms, which would not have been possible under a private-sector structure. Without it, the transaction likely would have been capped at a 7-year tenor, making the project far more difficult to finance.
EXIM’s long-term loan guarantee not only helped the exporter win the project, but it also ensured payment certainty, as all disbursements are made directly to the U.S. exporter upon shipment.
A deal of this size requires significant working capital to support the exporter’s operations. That could have been addressed in one of two ways: either EXIM supported pre-export milestone payments, or the guarantee provided enough reassurance for the exporter’s domestic bank to offer the additional working capital needed for production and delivery.
What Exporters Can Take Away
You don’t need to be a giant to close large deals in emerging markets. EXIM’s support allows companies of all sizes to reduce risk and pursue opportunities that would otherwise be out of reach.
Sovereign-backed deals aren’t common. But when competing for major global projects, EXIM’s involvement can provide a competitive edge. It signals to stakeholders, including state ministries, that both the exporter and the financing are secure and reliable.
A few key lessons:
- Sovereign guarantees can help exporters access markets that are otherwise restricted for private buyers.
- The program is designed to support capital equipment and infrastructure exports, and there is no maximum deal size.
- Lenders are fully protected within EXIM’s coverage, which builds confidence across all parties involved.
What’s Ahead
Each week, I’ll share one or more short pieces that explore how real export credit structures work. These won’t be case studies or theories. Just patterns and insights, one state at a time.
If you’re based in New Jersey and already exporting, or planning to, I’d love to connect. No sales pitch. Just a conversation about what’s working, what’s not, and how you can scale smarter with the tools already available.