FOR IMMEDIATE RELEASE February 27, 2013
Linda Formella, 202-565-3200
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) and AirFinance have been awarded Most Innovative Business Jet Financier 2013 by the Corporate Jet Investor Web site in recognition of Ex-Im Bank's Qualified Advisor program.
The award was announced at the International Corporate Jet & Helicopter Finance 2013 Conference held recently in London, U.K. The awards were determined by a vote taken among a select group of business-jet manufacturers and other industry lenders prior to the conference, which was sponsored by Corporate Jet Investor.
We are honored to receive this award from manufacturers and other leaders in the business-jet and helicopter industry. This vital part of the U.S. aerospace sector provides thousands of American manufacturing jobs, said Ex-Im Bank Chairman and President Fred P. Hochberg. Financing these exports requires complex structuring, specialized knowledge and experience. By working with partners such as AirFinance, our Qualified Advisor program is enabling us to leverage private-sector expertise to offer timely financing to increase support for these exports. I congratulate Ex-Im Bank's staff on this achievement.
As a qualified advisor, AirFinance works with Ex-Im Bank to develop an innovative structure and combines it with ongoing monitoring processes that increase protections against credit losses, said AirFinance Managing Partner Tom Low. This partnership merges the protection and stature of the U.S. government with the speed and creativity of business-jet and helicopter experts to provide a financial solution that is beneficial for the single purchase of a small aircraft to a large aircraft fleet order.
In 2012, Ex-Im Bank developed and implemented the Qualified Advisor program, a process to address the increased demand for export credits for business aircraft and helicopters arising from the growing percentage of U.S.-manufactured aircraft being sold to foreign buyers. The goal of the process is to facilitate a more complete and comprehensive transaction package being submitted to Ex-Im Bank in order to expedite the application, approval and closing process for foreign borrowers in business-aircraft transactions. Using qualified advisors also provides enhanced credit structures, resulting in additional credit protections for Ex-Im Bank.
The process is designed to benefit manufacturers that can now designate one or more advisors to work with their foreign buyers. The process is available through any advisor that has demonstrated the requisite knowledge, experience and expertise with business-aircraft financing.
AirFinance is a global company focused on the financing of general-aviation aircraft, including business jets, turboprops and helicopters, with an emphasis on transactions outside of the United States. AirFinance and Cessna Finance Corp. are the two finance companies with a focus on general aviation that are approved qualified advisors under Ex-Im Bank's program.
Corporate Jet Investor is an international Web site developed to help both individuals and companies that buy business jets, corporate aircraft and helicopters find financing to suit their needs. Corporate Jet Investor also helps financiers understand assets, legal and tax risks, and identify new opportunities in developing markets.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (FY 2008 through FY 2012), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 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 nearly $35.8 billion in total authorizations in FY 2012 - an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales - also an Ex-Im record. In FY 2012, the Bank authorized $600 million to support exports of business-jet aircraft and helicopters.
Ex-Im Bank's total authorizations in the last fiscal year are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.