EXIM Bank Announces FY 2016 Awards
Washington, D.C. - The Export-Import Bank of the United States (EXIM Bank) announced its award winners for FY 2016 at its Annual Conference today.
Broker of the Year: Export Insurance Services, Inc.
Export Insurance Services (EIS), a Georgia-based broker licensed in 20 states, specializes in trade credit and political risk insurance and has consistently ranked as one of EXIM's top producers. In FY 2016, the company recorded the fifth largest authorization dollar amount ($96.3M) and sixth largest authorization count (121). Of equal importance, small business accounted for 82 percent of the total authorization dollar amount and 93 percent of the total authorization count. EIS posted similar results in the three prior fiscal years as well. The company's customer base is diversified and includes representatives from numerous industries. EIS claimed the Broker of the year award in both 2005 and 2007.
Community Lender of the Year: The Provident Bank
Established in 1828, The Provident Bank is an independent bank that focuses on commercial lending and business services and has nine offices throughout Massachusetts and New Hampshire.
The Provident Bank is an active user of EXIM Bank's working capital guarantee program, short term insurance, and has recently signed a master guarantee agreement for the medium term program. Moreover, the bank was granted "delegated authority" under the working capital guarantee program in 2015 at the "Community" level, which empowers The Provident Bank to approve up to $1 million for each facility and up to $10 million in total facilities.
In 2016, The Provident Bank hosted a successful international financing event at the University of New Hampshire that drew 288 small- and medium-sized businesses that built awareness of EXIM products. EXIM's former Vice Chair Wanda Felton offered the keynote address.
Regional Export Promotion Program of the Year: Florida Export Finance Corporation
The Florida Export Finance Corporation (FEFC) is a not-for-profit corporation with a mandate to expand employment and income opportunities for Florida residents. Created in 1993, FEFC has teamed up with EXIM for more than two decades to boost Florida exports.
In 2016 alone, FEFC hosted 43 EXIM seminars and workshops that led to 69 export credit insurance referrals and 20 applications submitted. Equally impressive, FEFC's efforts resulted in four medium/long term guarantee applications.
Small Business Exporter of the Year (a): CECA Supply & Services Inc.
CECA Supply & Services Inc. (CECA) of Houston, Texas, has relied upon EXIM Bank's working capital guarantee program for nearly a decade to export oilfield equipment, including piping, drills and compressors to Algeria and contribute to the development of the oil and gas industry.
Founded in 2002, CECA currently employs nine people in Houston. Since taking advantage of EXIM guarantees of working capital loans extended by Amegy Bank of Texas, a member of Zions Bancorporation (ZB N.A.), the company has increased its sales from $5 million to just over $60 million, all of which are export-related. In FY 2016 alone, CECA exported $52 million of goods and services with EXIM's support.
Small Business Exporter of the Year (b): Preferred Popcorn LLC
Preferred Popcorn LLC is a small-business vendor based in Chapman, Neb., that exports popcorn, concessions supplies and coconut oil to Mexico and other international markets. Founded in 1998, the company currently employs 80 people in Nebraska, Indiana, Illinois, Missouri, Washington and Kentucky.
Since its founding, the company has relied upon EXIM Bank products and now fills orders in 70 countries around the globe. As a consistent policy holder of EXIM Bank export credit insurance, Preferred Popcorn has watched its sales grow to $60 million, 50 percent of which are export-related. In FY 2016 alone, Preferred Popcorn shipped nearly $15.7 million of goods under its EXIM insurance policy. Moreover, EXIM Bank support has translated into approximately 25 new jobs.
ABOUT EXIM BANK:
EXIM is an independent federal agency that supports and maintains 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 and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost 90 percent of its transactions directly serve American small businesses.
In fiscal year 2016, EXIM approved $5 billion in total authorizations to support an estimated $8 billion in U.S. export sales. Since 2009, EXIM has supported more than 1.4 million American jobs in communities across the country and sent $3.8 billion of surplus to the U.S. Treasury for deficit reduction.