The US Export-Import Bank (EXIM) has approved a historic $169 million for BETA Technologies, a technology company based in Burlington, Vermont, to bolster the country’s Net-Zero efforts. As revealed by EXIM’s President and Chair, Reta Jo Lewis, in a press release on November 16, 2023, this transaction marks the second deal authorized by the bank under its “Make More in America” initiative, expected to generate 400 clean energy jobs in Vermont.
The loan approval was announced during an “Invest in America” session at the 2023 Asia-Pacific Economic Cooperation (APEC) Forum. BETA Technologies, specializing in manufacturing electric aircraft and charging infrastructure in Vermont, plans to allocate the funds to its Final Assembly Production Facility, contributing to America’s commitment to a green economy.
“We are thrilled that the second transaction authorized under EXIM’s Make More in America initiative supports BETA Technologies, an American company at the forefront of clean energy technological advancement and innovation,” stated EXIM President and Chair Reta Jo Lewis.
Kyle Clark, BETA’s Founder and CEO, also expressed optimism regarding the company’s future prospects in green aviation. She added that their partnership with EXIM would create hundreds of well-paid, climate-focused jobs in the coming years as BETA prepares for large-scale manufacturing and production of electric aircraft.
In 2021, the Export-Import Bank of the United States (EXIM) authorized $3 billion in loan guarantees, with credit export insurance being the most offered solution, according to a Statista report.
In FY 2022, EXIM authorized over $1.19 billion in small business transactions, constituting nearly 26 percent of the total authorizations. Although slightly lower than in FY 2021, where small business authorizations exceeded $1.6 billion, representing 28.2 percent of total authorizations.
Supported by the full faith and credit of the United States, EXIM provides financial tools for export-oriented businesses to compete for global sales when private lenders are unwilling or unable to provide financing.
With green energy projects gaining global attention, companies can leverage the financial tools provided by EXIM banks to drive green growth by venturing into eco-friendly projects i.e. Carbon Capture and Storage (Carbon Removal) or Technology-Neutral projects.
