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Seal of the Export-Import Bank of the United States. (Photo credit: Wikipedia)For those of our readers of The Internationalist Page Blog who are U.S.-based executives or entrepreneurs whose companies or organizations are involved in international trade, require credit guarantees or financing for transactions or major capital projects, following are some recent updates from EXIM Bank which will be of some interest.
For our readers who are based outside of the US, you might want to check with your host country's EXIM Bank or equivalent (numerous Economic Development Banks) to get update bulletins and to become more familiar with their offerings to companies interested in going global; their offerings tend to mirror the basic offerings of the EX-IM Bank in Washington, D.C.
In future writings, we'll let you know more about our own special service offerings for international traders, multinational companies, exporters, importers and seekers of international distributors, manufacturers and other co-venturers. These services will be offered by ICS [International Connections Service], right through this site.
Updates follow [because of the large volume of material we have reduced the text size considerably. You may wish to enlarge the magnification of the text on your screen by using your browser.
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Recent EX-IM Bank Announcements
Statement by Ex-Im Bank Chairman and President
Fred P. Hochberg on Small Business Week
EDITORS NOTE: REVISED STATEMENT BELOW
May 22, 2012
Media Contact: Jamie Radice, (202) 565-3200“In recognition of National Small Business Week, the Export-Import Bank of the United States is celebrating the role of U.S. small business exporters in contributing to our nation’s economic recovery. Whether they are selling manufactured parts for the automotive industry to Australia or grain silos to Turkey, American small businesses are competing for and winning sales overseas against aggressive foreign competition. With 95% of the world’s customers located overseas, it is vital that we provide these companies the tools they need to successfully compete in the global marketplace.
We cannot grow our economy without growing our export sales. And we cannot grow export sales without small businesses. Small businesses are the backbone of our economy – they are responsible for the majority of our country’s job creation, and they must succeed.
Ex-Im Bank is contributing to growing export sales. Last year the Bank set export finance records for the third straight year and supported 290,000 American jobs. Our small business export financing reached over $6 billion - up 90% since 2008. More than 85% of all Ex-Im Bank transactions in fiscal year 2011 were for small businesses. Ex-Im is on track to meet the growing demand for export financing this year as well, with $2.4 billion in small business transactions accounting for more than 22% of the Bank’s overall authorizations. Over $4 million of this financing supports minority- and woman- owned businesses and we have added over 300 small business customers to our portfolio.
It is critical that the federal government and its public and private sector partners continue to provide resources for small business to succeed in the global marketplace. President Obama recognized the importance of small businesses when he elevated the Small Business Administration (SBA) to the cabinet level. Secretary Karen Mills is working hard to support SBA’s mission of equipping small business owners with the necessary tools to strengthen their operations and the viability of their business.
Ex-Im Bank understands that the demands of small business are different than those of large enterprises. That is why the Bank offers tailored financing and insurance products that support small businesses in their efforts to reach and sell to more customers around the world. With small business export sales growth, we will be able to improve our economy and create good middle-class jobs in communities across the country.”
2012 National Small Business Week - Ex-Im Bank Supports Small Business
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FROM THE EXPORT-IMPORT BANK OF THE UNITED STATES
FOR IMMEDIATE RELEASE
MAY 18, 2012
CONTACT: Linda Formella, (202) 565-3200
EX-IM BANK SIGNS AGREEMENT WITH BANCÓLDEX TO INCREASE U.S.-COLOMBIAN TRADE
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) and Bancóldex have signed a memorandum of understanding (MOU) to work together to facilitate trade between the United States and Colombia.
Ex-Im Bank and Bancóldex have agreed to exchange information on trade and business prospects that may present opportunities for cooperation, including expanding use of Ex-Im Bank financing by Colombian buyers for their purchases of U.S. goods and services.
Bancóldex is Colombia’s government-owned development and foreign trade bank. It functions as a secondary lender and focuses on entrepreneurship and foreign trade.
The MOU is a statement of general intent between Ex-Im Bank and Bancóldex to promote the availability of Ex-Im Bank financing to Colombian companies, particularly small and mid-sized businesses. Ex-Im Bank and Bancóldex will work together to share information and develop export-financing opportunities in key sectors, including infrastructure, environmental projects, medical equipment and transportation.
Ex-Im Bank Chairman and President Fred P. Hochberg and Bancóldex CEO Santiago Rojas signed the agreement today at Ex-Im Bank headquarters in Washington, D.C. Colombia’s deputy chief of mission to the United States, Nicholas Lloreda, attended the signing ceremony. Also attending was Bancóldex Risk Vice President Mauro Sartori.
“Colombia is one of the fastest-growing markets for U.S. goods and services in Ex-Im Bank’s portfolio, and it was our single-largest country market last fiscal year. We join Bancóldex in celebrating the entry into force of the historic U.S.-Colombia free trade agreement on May 15. Ex-Im Bank’s agreement with Bancóldex will further encourage opportunities for both countries. It will also strengthen our ability to reach more Colombian buyers and assist more U.S. exporters in tapping the potential of this emerging market,” said Ex-Im Bank Chairman Fred Hochberg.
Bancóldex CEO Santiago Rojas noted, “The free trade agreement will be an opportunity for both countries to increase their bilateral trade, which will have a positive effect on the competitiveness of each country as well as on the ability to generate employment in some sectors. The cooperation between Ex-Im Bank and Bancóldex will support the opportunities that the free trade agreement could bring to entrepreneurs.”
Colombia’s National Investment Plan for 2011-2014 calls for an investment of over $300 billion in infrastructure projects, a key focus area for Ex-Im Bank financing.
Chairman Hochberg conducted a business-development mission in Bogotá in August 2011, where he met with Colombia’s President Juan Manuel Santos and other government and business leaders. In December 2011, Ex-Im Bank hosted an event in Washington, D.C., “Infrastructure Opportunities in Colombia for U.S. Companies,” which was attended by representatives of more than 100 U.S. companies interested in doing business in Colombia.
Colombia is one of nine key markets (others are Brazil, Mexico, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts. The Bank authorized more than $3.7 billion in support of U.S. exports to Colombia in FY 2011.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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FROM THE EXPORT-IMPORT BANK OF THE UNITED STATES
FOR IMMEDIATE RELEASE
MAY 18, 2012
CONTACT: Linda Formella, (202) 565-3200
EX-IM BANK SIGNS AGREEMENT WITH BANCÓLDEX TO INCREASE U.S.-COLOMBIAN TRADE
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) and Bancóldex have signed a memorandum of understanding (MOU) to work together to facilitate trade between the United States and Colombia.
Ex-Im Bank and Bancóldex have agreed to exchange information on trade and business prospects that may present opportunities for cooperation, including expanding use of Ex-Im Bank financing by Colombian buyers for their purchases of U.S. goods and services.
Bancóldex is Colombia’s government-owned development and foreign trade bank. It functions as a secondary lender and focuses on entrepreneurship and foreign trade.
The MOU is a statement of general intent between Ex-Im Bank and Bancóldex to promote the availability of Ex-Im Bank financing to Colombian companies, particularly small and mid-sized businesses. Ex-Im Bank and Bancóldex will work together to share information and develop export-financing opportunities in key sectors, including infrastructure, environmental projects, medical equipment and transportation.
Ex-Im Bank Chairman and President Fred P. Hochberg and Bancóldex CEO Santiago Rojas signed the agreement today at Ex-Im Bank headquarters in Washington, D.C. Colombia’s deputy chief of mission to the United States, Nicholas Lloreda, attended the signing ceremony. Also attending was Bancóldex Risk Vice President Mauro Sartori.
“Colombia is one of the fastest-growing markets for U.S. goods and services in Ex-Im Bank’s portfolio, and it was our single-largest country market last fiscal year. We join Bancóldex in celebrating the entry into force of the historic U.S.-Colombia free trade agreement on May 15. Ex-Im Bank’s agreement with Bancóldex will further encourage opportunities for both countries. It will also strengthen our ability to reach more Colombian buyers and assist more U.S. exporters in tapping the potential of this emerging market,” said Ex-Im Bank Chairman Fred Hochberg.
Bancóldex CEO Santiago Rojas noted, “The free trade agreement will be an opportunity for both countries to increase their bilateral trade, which will have a positive effect on the competitiveness of each country as well as on the ability to generate employment in some sectors. The cooperation between Ex-Im Bank and Bancóldex will support the opportunities that the free trade agreement could bring to entrepreneurs.”
Colombia’s National Investment Plan for 2011-2014 calls for an investment of over $300 billion in infrastructure projects, a key focus area for Ex-Im Bank financing.
Chairman Hochberg conducted a business-development mission in Bogotá in August 2011, where he met with Colombia’s President Juan Manuel Santos and other government and business leaders. In December 2011, Ex-Im Bank hosted an event in Washington, D.C., “Infrastructure Opportunities in Colombia for U.S. Companies,” which was attended by representatives of more than 100 U.S. companies interested in doing business in Colombia.
Colombia is one of nine key markets (others are Brazil, Mexico, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts. The Bank authorized more than $3.7 billion in support of U.S. exports to Colombia in FY 2011.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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EXPORT-IMPORT BANK OF THE UNITED STATES
Office of Communications
Washington, D.C.
FOR IMMEDIATE RELEASE
MAY 14, 2012
MEDIA CONTACT: Phil Cogan or Linda Formella, (202) 565-3200
Ex-Im Bank to Leverage Industry Expertise to Expedite Export Financing
for Business Aircraft and Helicopters
The announcement was made today by Ex-Im Bank Chairman and President Fred P. Hochberg at the 12th annual European Business Aviation Convention and Exhibition (EBACE), being held in Geneva, Switzerland, May 14-16.
“Business aircraft and helicopters are a vital part of the U.S. aerospace industry that is one of the most competitive sectors of the economy and employs thousands of Americans. Ex-Im Bank understands that business-aircraft transactions require specialized knowledge and experience but has limited resources to meet the growing demand for export financing in this industry. By leveraging private-sector expertise to assist and support our evaluation of these credits, we will be able to expand Ex-Im Bank’s support for U.S. business-aircraft exports and the manufacturing jobs that they sustain,” Chairman Hochberg said.
Ex-Im Bank is implementing the new process to address the increased demand for export credits for business aircraft and helicopters arising from the growing percentage of U.S.-manufactured aircraft that are sold to foreign buyers. The process is intended to result in a more complete and comprehensive transaction package being submitted to Ex-Im Bank. The more complete package will expedite the application, approval and closing process for foreign borrowers of Ex-Im-supported financing in business-aircraft transactions. Using qualified advisors is also expected to provide enhanced credit structures, resulting in additional credit protections for Ex-Im Bank.
The process is designed to benefit manufacturers that do not have a captive financing company but which can now designate one or more advisors to work with their foreign buyers.
The process will be available immediately through any advisor that has demonstrated the requisite knowledge, experience and expertise with business-aircraft financing.
Ex-Im Bank developed the process following upon the successful model of its $500 million loan facility approved in 2009 that provided funds to assist Textron Inc. in financing exports of two of its companies, Cessna Aircraft Company and Bell Helicopter Textron. The facility enabled Textron’s Finance segment to provide competitive terms and interest rates to finance the export of more than 100 Cessna aircraft exports and six Bell helicopters.
Last week, Ex-Im Bank’s board of directors approved a second facility for Textron’s Finance segment, providing a guarantee of a $350 million loan from PNC Bank to a Textron subsidiary to finance the export of additional Cessna aircraft and Bell helicopters.
In FY 2011, Ex-Im Bank authorized more than $12.6 billion in financing to support the export of U.S.-manufactured aircraft of all types, including approximately $90 million for 10 business aircraft and helicopters exports to four countries – Brazil, Mexico, Panama and Switzerland.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.
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End of Bulletins.
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