GSM-102 Bullet Repayment
Trump Administration Expands Export Financing Opportunities to Support American Farmers, boost exports
Under the new repayment policy which will take effect on February 3, 2026, USDA’s Foreign Agricultural Service will offer an 18-month repayment option that allows buyers pay the full loan amount at the end of the term instead of in installments. This new option will initially be available in Africa, the Middle East, and Asia – all regions with strong potential for American export growth – is expected to make U.S. financing more competitive and increase the use of GSM-102.
“This new policy brings GSM-102 in line with current industry practices and gives American exporters new opportunities for financing in Africa, the Middle East, and Asia,” said Under Secretary Lindberg. “It’s another way the Trump Administration is working to support American farmers and producers and bring America’s bounty to the world.”
GSM-102 provides credit guarantees to U.S. banks and, in some cases, to U.S. exporters to help finance foreign purchases of American food and agricultural products by approved foreign banks. While GSM-102 already allows repayment terms of up to 18 months, this is the first time that borrowers will be able to repay the full amount in a single payment at the end of the 18-month term.
USDA expects this change to increase use of the program in Africa, the Middle East, and Asia, and to help expand American agricultural exports without increasing the program’s current financial risk.
Under Secretary Lindberg made the announcement during an agribusiness trade mission to Indonesia as part of the Trump Administration’s broader efforts to open to open new markets and reduce trade barriers.
These updates to GSM-102, along with expanded market access from a stronger trade partnership, will help give Indonesian consumers better access to high-quality American food and agricultural products.
NEW PROGRAM ENHANCEMENTS
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18-month bullet payment option: provides exporters and lenders with greater flexibility in structuring transactions.
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Global banking: expands access to trade finance by eliminating regional restrictions.
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100% payment guarantee coverage: ensures U.S. exporters can confidently pursue new opportunities in higher-risk markets.
REGIONAL ALLOCATIONS
The U.S. Department of Agriculture announces the availability of the following credit guarantees for sales of U.S. agricultural commodities under the Commodity Credit Corporation's (CCC) Export Credit Guarantee Program (GSM-102) for fiscal year 2026.
COUNTRY/REGION
Africa, Middle East, Türkiye, Caucasus, Central Asia (AMTCCA)
Announced = $850,000,000
Available = $699,405,188
Asia
Announced = $919,924,381
Available = $730,673,529
Latin America
Announced = $3,200,000,000
Available = $1,365,683,350
Total Announced = $4,969,924,281
Total Available = $2,795,762,067
ELIGIBLE REGIONS & COUNTRIES
(As of September 21, 2026)
Africa, Middle East, Türkiye, Caucasus, Central Asia (AMTCCA)
Algeria, Angola, Armenia, Azerbaijan, Bahrain, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Cote d’Ivoire, Democratic Republic of the Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Eswatini (formerly Swaziland), Ethiopia, Gabon, Gambia, Georgia, Ghana, Guinea, Guinea-Bissau, Iraq, Israel, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Lebanon, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Oman, Palestinian Territories, Qatar, Republic of the Congo, Rwanda, Saudi Arabia, Senegal, Seychelles, Sierra Leone, South Africa, South Sudan, Sudan, Tajikistan, Tanzania, Togo, Tunisia, Türkiye, Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen, Zambia and Zimbabwe
Asia
Afghanistan, Bangladesh, Burma/Myanmar, Cambodia, China, Hong Kong, India, Indonesia, Laos, Macau, Malaysia, Mongolia, Nepal, Pakistan, Papua New Guinea, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Timor-Leste, and Vietnam
Latin America
Anguilla, Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados, Belize, British Virgin Islands, Cayman Islands, Chile, Colombia, Costa Rica, Curacao, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guadeloupe, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Montserrat, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten, Suriname, Trinidad and Tobago, Uruguay, and Venezuela
How to Apply
FACILITY GUARANTEE PROGRAM (FGP)
The Facility Guarantee Program (FGP) was developed to expand U.S. agricultural commodity exports by providing payment guarantees to improve or establish agriculture-related facilities in emerging markets. By supporting such facilities, the FGP is designed to enhance the sale of U.S. agricultural commodities and products to emerging markets where the demand may be limited due to inadequate storage, processing, handling, or distribution capabilities.
Eligible Destination Countries
Emerging markets that are eligible destination countries under the FGP will be listed on the FAS website. CCC’s selection of destination countries will be based on program statutory requirements, risk considerations, and any other factors determined appropriate by CCC.
Participation
Sellers must qualify for participation in the FGP before CCC will accept any payment guarantee applications from the Seller. All U.S. and foreign financial institutions must meet established criteria and be approved by CCC. CCC sets limits and advises each foreign financial institution on the maximum amount CCC will guarantee for that institution. Requirements for seller and U.S. and foreign financial institution participation are available in the program regulation.
Once approved to participate, a seller may seek FGP coverage for transactions. The seller may opt to submit to CCC a letter of interest describing a proposed transaction, to get preliminary feedback on whether the proposed transaction may be eligible for FGP coverage. Once a firm export sale exists, the seller may submit an initial application for a payment guarantee. If the initial application is conditionally approved, the seller must submit the final application along with the full guarantee fee.
Program Fee
The seller must pay a guarantee fee on the dollar amount guaranteed. Guarantee fees are based on country risk, obligor risk, tenor, percentage of cover, and other factors, and are consistent with the minimum fees prescribed by the Arrangement.
The seller must also pay a nonrefundable fee if the seller opts to submit a letter of interest, and also an initial application fee. The letter of interest (if applicable) and initial application fees will be deducted from the final guarantee fee if CCC issues a payment guarantee to the seller.
Financing
The CCC-approved foreign financial institution issues a dollar-denominated, irrevocable letter of credit in favor of the U.S. seller, ordinarily advised or confirmed by the financial institution in the United States agreeing to extend credit to the foreign financial institution. The seller may negotiate an arrangement to be paid as contractual events occur by assigning to an approved U.S. financial institution the right to proceeds that may become payable under the CCC’s guarantee.
Defaults and Claims
If the foreign financial institution fails to make any payment covered by the FGP guarantee, the holder of the payment guarantee must submit a notice of default to CCC within the timeframe required by the program regulations. A claim for default also may be filed within the required timeframe, and CCC will pay claims found to be in good order.
For CCC audit purposes, the U.S. seller must obtain documentation to show that all goods arrived in the destination country, and the seller and the assignee must maintain all transaction documents for five years from the expiration of coverage of the payment guarantee.
FGP FEES
Letter of Interest Fee
In accordance with 7 CFR Section 1493.300(a), the applicant must submit a letter of interest fee with each letter of interest. At a fee.
Initial Application Fee
In accordance with 7 CFR Section 1493.300(b), the applicant must submit an initial application fee with each initial application for a payment guarantee. If the applicant previously submitted a letter of interest (with fee) for the proposed transaction, at an initial application fee.
For transactions with tenor less than 24 months, there will be an initial application fee.
Guarantee Fees
Guarantee fee rates are issued in accordance with 7 CFR Section 1493.300(c).
FAS will consider guarantee coverage of transactions with greater than five (5) year tenor and/or guarantee percentage of less than 100% at the request of the seller. To request a fee rate associated with a tenor greater than five (5) years or a guarantee percentage less than 100%, or for any other questions related to fees, please contact us on xxxxxxxxxx
Program participants are advised that fee rates may change at any time. Future modifications to guarantee fee rates will be made available to you.
For Semi-annual principal repayment terms
6 month tenor: full repayment at 6 months.
12 month tenor: 1/2 of principal due every 6 months.
18 month tenor: 1/3 of principal due every 6 months.
24 month tenor: 1/4 of principal due every 6 months.
30 month tenor: 1/5 of principal due every 6 months.
36 month tenor: 1/6 of principal due every 6 months.
42 month tenor: 1/7 of principal due every 6 months.
48 month tenor: 1/8 of principal due every 6 months.
54 month tenor: 1/9 of principal due every 6 months.
60 month tenor: 1/10 of principal due every 6 months.
For Annual principal repayment terms
12 month tenor: full repayment at 12 months.
18 month tenor: 2/3 at 12 months, remaining 1/3 at 18 months.
24 month tenor: 1/2 of the principal due annually.
30 month tenor: 2/5 of principal payable annually through year 2; final 1/5 principal payment due at 2.5 years.
36 month tenor: 1/3 of the principal payable annually.
42 month tenor: 2/7 of principal payable annually through year 3; final 1/7 principal payment due at 3.5 years.
48 month tenor: 1/4 of the principal payable annually.
54 month tenor: 2/9 of principal payable annually through year 4; final 1/9 principal payment due at 4.5 years.
60 month tenor: 1/5 of the principal payable annually.
FGP Allocations and Destinations
Total Available: $489,740,000
The following countries are eligible as FGP destination countries in accordance with 7 CFR 1493.210 Participants are advised that coverage may be restricted or not available depending on the destination country; details of the transaction (including, but not limited to, the intended end-use of the items for which coverage is requested); and the location of the foreign financial institution.
ELIGIBLE COUNTRIES
Algeria, Gambia, Pakistan
Angola, Georgia, Panama
Anguilla, Ghana, Papua New Guinea
Antigua and Barbuda, Grenada, Paraguay
Argentina, Guadeloupe, Peru
Armenia, Guatemala, Philippines
Aruba, Guinea, Qatar
Azerbaijan, Guinea-Bissau, Republic of the Congo
Bahamas, Guyana, Rwanda
Bahrain, Haiti, Saint Kitts and Nevis
Bangladesh, Honduras, Saint Lucia
Barbados, India Saint Vincent and the Grenadines
Belize, Indonesia, Saudi Arabia
Benin, Jamaica, Senegal
Botswana, Jordan, Seychelles
British, Virgin Islands, Kazakhstan, Sierra Leone
Burkina Faso, Kenya, Sint Maarten
Burundi, Kuwait, South Africa
Cambodia, Kyrgyzstan, South Sudan
Cape Verde, Laos, Sri Lanka
Cayman Islands, Lebanon, Sudan
Central African Republic, Lesotho, Suriname
Chad, Liberia, Tajikistan
Chile, Libya, Tanzania
Colombia, Madagascar, Thailand
Comoros, Malawi, Timor-Leste
Costa Rica, Malaysia, Togo
Cote d'Ivoire, Mali, Trinidad and Tobago
Curacao, Mauritania, Tunisia
Democratic Republic of the Congo, Mauritius, Türkiye
Djibouti, Mexico, Turkmenistan
Dominica, Mongolia, Uganda
Dominican Republic, Montserrat, United Arab Emirates
Ecuador, Morocco, Uruguay
Egypt, Mozambique, Uzbekistan
El Salvador, Namibia, Venezuela
Equatorial Guinea, Nepal, Vietnam
Eritrea, Nicaragua, Zambia
Eswatini, Niger, Zimbabwe
Ethiopia, Nigeria
Gabon, Oman
How to Apply