Congress is currently embroiled in a debate over whether to extend the charter of the Export-Import Bank (Ex-Im Bank or Ex-Im), which lapsed at the end of June. As the official export credit agency (ECA) of the United States, Ex-Im offers loans, loan guarantees and insurance policies that increase export opportunities for U.S. businesses and support U.S. jobs.

Ex-Im’s programs help to fill gaps in private-sector financing and address market failures. For example, private credit can dry up during periods of heightened economic uncertainty, such as during the recent financial crisis. Small businesses may struggle to access private financing even if they are creditworthy. And banks may be reluctant to offer financing for exports to developing countries notwithstanding the long-term benefits opening those new markets could have for the U.S. economy.

The Ex-Im Bank also plays a vital role in helping to maintain a level playing field for U.S. exporters facing competition from foreign companies backed by their own ECAs, many of which are more active than the Ex-Im Bank. There are about 85 foreign ECAs that work aggressively to give their home countries’ businesses a leg up on U.S. companies, including in all of the top 10 exporting countries.