Export Promotion and Fair Credit Act of 1985

Export Promotion and Fair Credit Act of 1985 - Amends the Export-Import Bank Act of 1945 to establish the Fund for Countering Abusive Mixed and Tied Aid Credits (the Fund) which shall provide the Export-Import Bank (the Bank) with a source of funds to support offers of mixed credits in order to discourage or, failing that, to counter offers of abusive mixed credits. Directs the Bank to use the Fund exclusively to finance the difference between the amount by which the interest rate the Bank considers necessary to discourage or counter an abusive mixed credit offer supported by a foreign government exceeds the greater of: (1) the interest rate the Bank would normally charge; or (2) the interest rate which any U.S. private financial institution is prepared to offer on such loan. Grants eligibility for such mixed credit offers to any country which is eligible for either development assistance or economic support funds. Directs the Bank to use the Fund aggressively to discourage or effectively counter abusive mixed credit offers supported by foreign governments. Authorizes appropriations.

Reserves a specified portion of the Bank's direct lending authority for FY 1985 for establishing a mixed credit program. Requires such mixed credit program: (1) to be used by the Bank to discourage or counter abusive mixed credit offers; (2) to be conducted in association with the Fund; and (3) to give priority to the needs of small businesses.

Establishes in the Bank an Office of Competitive Export Financing which shall advise the Bank's Chairman and Board of Directors on: (1) current developments in the official export financing of major U.S. trade competitors; (2) innovations and improvements needed to discourage or counter comparable practices used by other countries; and (3) policies and procedures the Bank should follow in order to become an effective originator of loan offers and to improve the Bank's effectiveness in discouraging or countering such practices.