FOR IMMEDIATE RELEASE June 6, 2012
Adrian Gianforti, (202) 565-3200
WASHINGTON, D.C. - Ford Motor Company of Dearborn, Michigan was recently approved by the Export-Import Bank of the United States (Ex-Im Bank) board of directors for a working capital loan guarantee of $300 million. This represents a $50 million increase compared to an existing $250 million guarantee which was approved by the board in 2010 and will expire later this year. Given its success, the new increased Loan Facility will support the Company's growing sales in existing markets, as well as developing ones.
The new guarantee will support growing sales to buyers in Canada and Mexico (markets covered by the existing guarantee), as well as global markets in Asia and South America. This will support U.S. automobile manufacturing jobs and indirectly jobs at Ford's suppliers for the export of over 200,000 vehicles valued at $8.5 billion.
Ford Motor Company experienced what we hope for all U.S. companies - success overseas by expanding into new markets and increasing sales in existing ones, said Fred P. Hochberg, chairman and president of Ex-Im Bank. This additional export financing will not only support American jobs, but also the development of emerging markets with high-quality, new automobiles.
We are pleased to continue working with Ex-Im Bank, said Neil Schloss, vice president and treasurer, Ford Motor Company. This guarantee supports low-cost financing for our exports from the U.S., which in turn supports jobs in the U.S.
Models to be exported using the Ex-Im Bank loan guarantee include the E-Series van, the Escape, Expedition, Explorer, and Navigator SUVs, the F-150 pickup, and the Taurus car. These exports will be manufactured in plants located in Avon Lake, Ohio; Chicago, Illinois; Dearborn, Michigan; Kansas City, Missouri; and Louisville, Kentucky. The Private Export Funding Corporation (PEFCO) will provide the funding for the revolving $300 million Loan Facility which will be backed by Ex-Im Bank's guarantee.
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.