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Ex-Im Bank Guarantee Helps Create Jobs in Georgia and South Carolina Fabric Industry

FOR IMMEDIATE RELEASE September 9, 1999

Media Contact Name/Phone: 

Andrew Yarrow (202) 565-3200

WASHINGTON — A $1.35 million working capital guarantee provided by the Export-Import Bank of the United States (Ex-Im Bank) will help Anderson Marketing Inc. (AMI), a fabric manufacturer in Anderson, SC, expand production and exports, and create five new jobs. AMI, a producer of upholstery and other home-furnishing fabrics that was founded in 1990, currently sells to buyers in Belgium, Germany, the Netherlands, Poland, India, and Russia, among other countries.

The guarantee will sustain 15 jobs and create five new jobs at AMI and a sub-supplier in Carrollton, GA. The transaction was facilitated by the Georgia Department of Industry, an Ex-Im Bank City/State Partner. The Ex-Im Bank guaranteed loan is being provided by Perpetual Savings Bank, FSB, Inc., of Anderson, using the Bank's first master guarantee agreement with a South Carolina-based bank. The master guarantee agreement standardizes the required legal documentation for all transactions with a particular lender, providing faster service.

This is helping Anderson Marketing grow, because their growth pattern is straight up, said David Peters, Senior Commercial Loan Officer at Perpetual Savings Bank. They can't keep up their sales growth without this loan.

James A. Harmon, Chairman of Ex-Im Bank, said: This transaction is a good example of how Ex-Im Bank is helping thousands of American small businesses tap into the global market by providing critically needed export financing.

Ex-Im Bank has a number of programs tailored to small business exporters, and more than 80 percent of the Bank's approximately 2,000 annual transactions involve small businesses.

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. Ex-Im Bank will support approximately $15 billion in exports in the 1999 fiscal year.