Program will help support small - and medium-sized U.S. businesses
FOR IMMEDIATE RELEASE October 31, 2011
Jamie Radice (202-565-3200)
Washington, DC -- The Export-Import Bank of the United States (Ex-Im Bank) today announced that GE Capital will participate in the Bank's Supply-Chain Finance Guarantee Program, which provides competitively priced working capital financing to suppliers of U.S. exporters, particularly small and medium-sized enterprises. GE Capital joins Citibank and JP Morgan in participating in Ex-Im's Supply-Chain Finance Guarantee Program.
Ex-Im Bank developed the program in response to the access to capital needs of small businesses and to help ensure that President Obama's National Export Initiative goal of doubling U.S. exports by the end of 2014 is met.
Ex-Im Bank's supply chain financing creates new opportunities for U.S. exporters and supports jobs in cities across the country, said Fred P. Hochberg, chairman and president of Ex-Im Bank. I am pleased that GE Capital is the latest lender to join this program, and I look forward to working together to ensure that our nation's small- and medium-sized businesses have the resources they need to grow and prosper.
We have extensive experience in financing the supply chain, said Dan Henson, president and CEO, GE Capital Americas. We look forward to bringing our expertise to this program and to help support expansion in the manufacturing base and growth in the economy.
The program supports GE Capital's purchases of accounts receivable owned by small and medium-sized U.S. suppliers that are U.S. exporters. It also helps qualified suppliers obtain access to capital more quickly and improves their ability to fulfill new orders.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. 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 more than $32 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 more than $40 billion in U.S. export sales and an estimated 300,000 American jobs in communities across the country. For more information, visit www.exim.gov.