The Export-Import Bank of the United States (EXIM) is actively working through a $5 billion pipeline of applications in the space industry. The bank, known for financing space projects like satellite and rocket products, is seeing a surge in applications as companies seek funding in a tighter capital market.
Speaking at the 2023 World Satellite Business Week conference, Judith Pryor, EXIM’s first vice president and vice chair of the board of directors, revealed that approximately $1.3 billion of the applications are expected to be approved within a year. Additionally, there are approximately $4 billion worth of applications in earlier stages of consideration.
Of note, EXIM is increasingly receiving applications from companies involved in the construction of low Earth orbit satellite networks, also referred to as LEO constellations. These networks provide services such as communications and imagery.
EXIM’s role extends beyond financing; it helps U.S. space companies secure contracts with foreign entities, particularly when competing against countries like China. The bank acts as an alternative lender supporting U.S. companies and evaluates each transaction individually, without favoring specific areas of the space industry.
Pryor emphasized that EXIM does not discriminate or choose winners and losers but evaluates each application on its own merits.
The significant pipeline of applications underscores the growing demand for financing in the space industry. EXIM’s support plays a vital role in enabling companies to pursue their space projects and drive innovation in the sector.