A new agreement signed between US Export-Import Bank (US Exim) and Coface is set to give US small businesses better access to short term export credit.

Under the programme, US Exim will provide reinsurance for its export credit insurance policies written by Coface to protect the accounts receivables and cash flow of US companies who are exporting their goods and services overseas.

The trade finance insurance policies will enable American exporters to access new markets where insurance was previously unavailable or prohibitive in cost, US Exim chairman and president Fred Hochberg says in a statement.

Michael Ferrante, CEO of Coface adds: “Our partnership with US Exim is designed to support US exports and competitiveness.

Trade credit insurance protects one of the most valuable assets that a company has – its accounts receivable. The reinsurance programme will enable more American companies to take advantage of the protection that credit insurance provides.”