Washington ? The Export-Import Bank will be required to focus more on small businesses and American industries facing unfair foreign competition under legislation passed by the Senate Thursday extending the life of the corporation.

The voice vote on the measure to continue Ex-Im Bank operations to Sept. 30, 2006, sends the bill to President Bush for his signature.

The House passed the bill Wednesday.

Created in 1934, the government-operated bank provides loans, loan guarantees and insurance to American companies to help finance their sales overseas and compete against often heavily subsidized foreign competitors.

“When foreign exporters benefit from subsidized financing from their governments, the Ex-Im Bank is needed to help U.S. companies, and the workers they employ, compete on a fair basis,” said Sen. Paul Sarbanes, D-Md., chairman of the Senate Banking Committee.