Ex-Im Bank Spends $133.9M on Foreign Credit Reports with Global Business Information Services

Contract Overview

Contract Amount: $133,896 ($133.9K)

Contractor: Global Business Information Services, Inc.

Awarding Agency: Export-Import Bank of the United States

Start Date: 2023-05-01

End Date: 2028-04-30

Contract Duration: 1,826 days

Daily Burn Rate: $73/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 1

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: FOREIGN CREDIT REPORTS

Place of Performance

Location: CHICAGO, COOK County, ILLINOIS, 60611

State: Illinois Government Spending

Plain-Language Summary

Export-Import Bank of the United States obligated $133,896.29 to GLOBAL BUSINESS INFORMATION SERVICES, INC. for work described as: FOREIGN CREDIT REPORTS Key points: 1. Contract awarded to Global Business Information Services, Inc. for foreign credit reports. 2. The contract value is $133,896.29, with a duration of 1826 days. 3. Awarded under full and open competition, indicating a competitive bidding process. 4. The service falls under the 'Credit Bureaus' NAICS code (561450).

Value Assessment

Rating: fair

The contract value is relatively low for a five-year period. Without specific benchmarks for foreign credit reports, it's difficult to definitively assess pricing, but the amount suggests a focused service scope.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded through full and open competition, suggesting that multiple vendors had the opportunity to bid. This method generally promotes price discovery and competitive pricing.

Taxpayer Impact: Taxpayer funds are being used for essential export promotion services, with competition aiming to ensure value for money.

Public Impact

Supports U.S. exporters by providing crucial information on foreign buyers. Enhances the Export-Import Bank's risk assessment capabilities. Facilitates international trade by reducing information asymmetry. Ensures compliance and due diligence in export financing.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for price increases over the 5-year contract term.
Dependence on a single vendor for critical credit information.

Positive Signals

Awarded through full and open competition.
Clear service description for foreign credit reports.

Sector Analysis

The IT and professional services sector often involves data and information services. Benchmarks for credit reporting services can vary widely based on scope and depth of information provided.

Small Business Impact

The data does not indicate whether small businesses were involved in this contract, either as prime contractors or subcontractors. Further analysis would be needed to determine small business participation.

Oversight & Accountability

The Export-Import Bank of the United States is the contracting agency, suggesting internal oversight. The use of full and open competition also implies adherence to procurement regulations.

Related Government Programs

Credit Bureaus
Export-Import Bank of the United States Contracting
Export-Import Bank of the United States Programs

Risk Flags

Contract duration of 5 years.
Potential for data security breaches.
Reliance on vendor's data quality.
Limited scope of service for the contract value.

Frequently Asked Questions

What is this federal contract paying for?

Export-Import Bank of the United States awarded $133,896.29 to GLOBAL BUSINESS INFORMATION SERVICES, INC.. FOREIGN CREDIT REPORTS

Who is the contractor on this award?

The obligated recipient is GLOBAL BUSINESS INFORMATION SERVICES, INC..

Which agency awarded this contract?

Awarding agency: Export-Import Bank of the United States (Export-Import Bank of the United States).

What is the total obligated amount?

The obligated amount is $133,896.29.

What is the period of performance?

Start: 2023-05-01. End: 2028-04-30.

What is the typical cost range for similar foreign credit report services over a five-year period?

The typical cost range for foreign credit report services can vary significantly based on the depth of analysis, geographic coverage, and volume of reports required. For a five-year contract, costs could range from tens of thousands to several million dollars, depending on the specific needs of the agency. The $133,896.29 awarded here suggests a focused or limited scope of service.

What are the potential risks associated with relying on Global Business Information Services, Inc. for foreign credit reports?

Potential risks include data accuracy and timeliness, vendor lock-in if alternatives are not readily available, and potential price increases over the contract's duration. A single point of failure for critical information could also pose a risk if the vendor experiences service disruptions or goes out of business.

How effectively does this contract support the Export-Import Bank's mission of promoting U.S. exports?

This contract directly supports the Ex-Im Bank's mission by providing essential intelligence on foreign entities, enabling better risk assessment and informed lending decisions. By facilitating due diligence, it helps the bank confidently support U.S. exporters in international markets, thereby promoting trade.

Industry Classification

NAICS: Administrative and Support and Waste Management and Remediation Services › Business Support Services › Credit Bureaus

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › ADMINISTRATIVE SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Solicitation ID: 83310123Q0017

Offers Received: 1

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 55 E PEARSON ST UNIT 3801, CHICAGO, IL, 60611

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Small Business, Special Designations, U.S.-Owned Business, Woman Owned Business, Women Owned Small Business

Financial Breakdown

Contract Ceiling: $173,831

Exercised Options: $133,896

Current Obligation: $133,896

Actual Outlays: $38,962

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 47QRAA22D008K

IDV Type: FSS

Timeline