FOR IMMEDIATE RELEASE November 7, 2002
Ken Murphy (202) 565-3200
A small business in Miami, FL is selling equipment that will help Centro Materno Infantil, a hospital in Santiago, Dominican Republic, expand pediatric services with the help of a seven-year comprehensive export credit insurance guarantee for $1.7 million. The Export-Import Bank of the United States (Ex-Im Bank) approved the insurance guarantee, which is being financed through Hemisphere National Bank, Miami,FL.
Calmaquip Engineering Corp., a family-owned company, specializes in the export distribution of in a wide range of hospital, airport and institutional equipment. We have been doing business with Ex-Im Bank for more than 35 years, Armando Paz, chief financial officer of Calmaquip said, Without Ex-Im Bank we would not be able to grow and succeed as we have over the years.
With an Ex-Im Bank comprehensive medium-term export credit insurance policy, U.S. exporters are protected from commercial and political risks. Multiple shipment coverage allows a U.S. exporter to fill an export sales order over a period of time, while maintaining coverage for the overall sale.
On average, Ex-Im Bank finances 85 percent of the U.S. content for goods and services insurance under its export credit insurance program. A variety of policies are available to meet the needs of U.S. exporters or financial institutions including: short-term and multi-buyer policies. Financial institutions are more likely to discount receivables or allow them in the collateral base if they are insured. This means more working capital for 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. In the last five years, Ex-Im Bank has supported $1 billion of U.S. exports to the Dominican Republic. In fiscal year 2002, Ex-Im Bank supported nearly $13 billion of U.S. exports worldwide.