The Export-Import Bank of the United States has approved $250 million in working capital loan guarantees for Ford Motor Co. to finance export sales of more than 200,000 vehicles to Canada and Mexico.
Ford is expected to pay back the loan within a year. In the meantime, the loan is intended to preserve or add U.S. jobs, while helping manufacturers reach President Barack Obama’s goal of doubling exports within five years.
While U.S. exports have grown this year, demand for imported goods and
services have kept the national trade deficit from shrinking. In May, the U.S. trade deficit widened to $42.3 billion, its highest level in 18 months, and the deficit for automobiles and parts through March totaled $19.3 billion.
Models exported using the loan guarantees include the Ford F-150 and Escape, both built at Ford’s Kansas City Assembly Plant in Claycomo, Mo., along with the Explorer, Focus, Expedition, E-Series Van, Taurus, and the Lincoln MKS and Navigator.