CONNECTICUT BANK IS NAMED EX-IM BANK SMALL BUSINESS BANK OF THE YEAR
Webster Bank of Waterbury and Hartford, CT, has been chosen to receive the 2000 Small Business Bank of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) for its successful contributions to the US export effort and US job creation. An Ex-Im Bank delegated authority lender since 1997, Webster Bank will be honored at an awards ceremony at Ex-Im Bank's Annual Conference at the Washington Hilton Hotel in Washington, D.C., April 12-13.
Over the past year alone, Webster Bank approved $15 million in medium-term financing supporting five transactions involving 18 US exporters around the country selling US-made products to Brazil, Turkey and Mexico. Webster Bank also arranged two working capital facilities for small companies based in Connecticut and Massachusetts totaling $1.5 million. Under Ex-Im Bank's Multi-Buyer Insurance Policies, Webster Bank executed assignments of proceeds to finance foreign receivables for these same companies. The Connecticut bank also has established marketing agreements with financial firms in Brazil, Mexico, Venezuela and Turkey to market Ex-Im Bank products.
We appreciate how aggressively Webster Bank markets Ex-Im Bank programs, particularly to the small business community, said Ex-Im Bank Vice Chair Jackie M. Clegg. Webster Bank's active use of Ex-Im Bank programs has provided millions of dollars in Ex-Im Bank-guaranteed financing and insurance to small businesses that need these programs to effectively compete in difficult foreign markets.
Ex-Im Bank is an independent US government agency that helps finance the sale of US exports to developing markets throughout the world by providing loans, guarantees, and insurance. In fiscal year 1999, Ex-Im Bank helped to finance nearly $17 billion of U.S. exports worldwide.