Lender uses EXIM’s working capital loan guarantees and insurance to support America’s small business exporters
FOR IMMEDIATE RELEASE April 13, 2018
Linda Formella (202-565-3204); Chad Crowley (202-565-3216)
Washington, D.C. – With locations across North America and strong expertise in trade finance, Dallas-based financial services provider Comerica Incorporated has been named Lender of the Year by the Export-Import Bank of the United States (EXIM). Consistently ranking as one of EXIM Bank’s top lenders, Comerica will accept the award at EXIM’s 2018 Annual Conference, which is being held at the Omni Shoreham Hotel in Washington, D.C., on April 19-20.
A prior recipient of the award in 2006, Comerica continues to be one of EXIM’s most active lenders in the bank’s Working Capital Guarantee Program, providing EXIM-guaranteed working capital loans to exporters throughout the country. Over the past five years, Comerica has worked with EXIM to authorize more than $800 million in support of American exporters.
"Helping small businesses to obtain the capital they need to succeed in sales abroad is a critical part of EXIM’s mission. Comerica’s outstanding support of small business exporters demonstrates their and our commitment to ensuring that America’s small businesses continue to compete in the global economy and generate jobs here at home," said EXIM Senior Vice President of Small Business James Burrows.
"Our goal is to build relationships to help our customers succeed, and EXIM has been instrumental in our mission,” said Gigi R. Moore, Comerica’s senior vice president of International Trade Finance. “Our relationship with EXIM of more than 20 years speaks to the enduring value of this partnership, providing us with opportunities to support our valued customers in securing working capital to grow their businesses in global markets."
In recognition of Comerica’s trade finance expertise, EXIM granted the bank Delegated Authority Lender and Fast Track Lender status, permitting Comerica to authorize EXIM-guaranteed working capital loans of up to $25 million per borrower, not to exceed $300 million in aggregate. In addition to the Working Capital Guarantee Program, Comerica also successfully uses EXIM’s Export Letters of Credit policy. Through the use of these EXIM tools, Comerica has helped hundreds of American small businesses to obtain the funds needed to succeed in exporting.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas. Comerica Bank locations can be found in Arizona, California, Florida, and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica represents one of many strong relationships between EXIM Bank and the Texas business community. In 2017 alone, EXIM supported almost $1 billion in exports from nearly 150 Texas exporters. Over the past five years, the Bank provided $7 billion in authorizations to support some $16 billion of Texas exports. Over this period, EXIM supported nearly 900 Texas businesses, almost 500 of which are small businesses.
ABOUT EXIM BANK:
EXIM Bank is an independent and self-sustaining federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM Bank can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export-credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country. Since 2000, EXIM Bank has provided $14.6 billion to the U.S. Treasury after paying for all of its administrative and program expenses.