Loan is part of Bank's Global Credit Express Program
FOR IMMEDIATE RELEASE June 3, 2013
Lawton King (202-565-3200)
Washington, D.C. - In line with its focus on boosting small-business exports, the Export-Import Bank of the United States (Ex-Im Bank) authorized a $50,000 Global Credit Express (GCE) loan to Post Medical Inc. of Alpharetta, Ga., to support the export of disposal containers for needles, syringes, and other sharps to buyers in Australia, Canada, New Zealand, France, and Italy.
The Ex-Im Bank line of credit will support $95,000 in exports and sustain two jobs in Alpharetta.
The Global Credit Express product was created to help American small businesses like Post Medical expand their export reach and increase their sales, and this transaction demonstrates its success, said Ex-Im Bank Chairman and President Fred P. Hochberg. In this case, Ex-Im Bank's financing will bring state-of-the art disposal containers to health providers across the world and, at the same time, support key small-business jobs here at home. Helping American small business grow is a top priority here at Ex-Im.
to Post Medical Inc. of Alpharetta, Ga.,
to support the export of plastic-sharps disposal
containers to international buyers.
Founded in 1982, Post Medical researches, develops, and produces products for the safe handling and disposal of infectious medical waste, especially needles, syringes, and other sharps. The company's products are used in hospitals, laboratories, nursing homes, prisons, and jails, among other settings.
Post Medical is very excited to partner with the Export-Import Bank to continue our growing export business internationally, said Matthew Walker, president and chief operating officer. This partnership is crucial to support our growing team of people and will enable us to pursue additional overseas markets for our sharps-disposal products in the Middle East and Latin America.
Export Insurance Services served as the originator for the GCE loan and the broker for Trade Credit Insurance.
Ex-Im Bank's Global Credit Express program is a pilot program currently offered through a select number of Originating Financial Institutions nationwide that delivers short-term working capital loans directly to creditworthy small business exporters. Through this new program, U.S. exporters may be eligible for a 6- or 12-month revolving line of credit of up to $500,000. Global Credit Express adds liquidity to the U.S. small business export market by financing the business of exporting rather than specific export transactions.
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 (from Fiscal Year 2008), 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 and loans, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $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. Ex-Im Bank's total authorizations 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.