Lender uses EXIM’s working capital loan guarantees and insurance to support small business exporters in eight states
FOR IMMEDIATE RELEASE March 29, 2019
Linda Formella (202-565-3204)
Washington, D.C. – The Huntington National Bank (HNB), a regional lender headquartered in Columbus, Ohio, has been named Lender of the Year by the Export-Import Bank of the United States (EXIM). HNB will receive the award at EXIM’s 2019 Annual Conference being held at the Omni Shoreham Hotel in Washington, D.C. The awards will be presented at the luncheon today.
The bank is an active user of EXIM’s Working Capital Guarantee Program through which HNB provides EXIM-guaranteed working capital loans and lines of credit for exporters throughout its portfolio. In addition to Ohio, HNB serves seven other states: Illinois, Wisconsin, Michigan, Indiana, Pennsylvania, West Virginia, and Kentucky.
Since 1996, HNB has authorized more than 75 EXIM working capital guarantees, totaling approximately $130 million. With more than 20 years of experience as an EXIM delegated authority lender, HNB has never filed a claim on an EXIM working capital guarantee. The bank is also an active user of EXIM’s short-term insurance and has been a registered EXIM broker since 2010.
“A critical part of EXIM’s small business mandate is to help small businesses obtain the funds they need to prepare for and fulfill export contracts. HNB has done an outstanding job of supporting small business exporters in the Midwest, meeting their needs for liquidity by providing EXIM-backed working capital. HNB has consistently demonstrated their commitment to ensuring that U.S. small businesses can compete in the global economy to keep and grow jobs here at home,” said EXIM Senior Vice President of Small Business James Burrows.
“The EXIM Working Capital Guarantee Program gives us the ability to use export-related collateral in support of export finance. This allows our customers to obtain liquidity to support sales to foreign markets that otherwise would not be available. From start to finish, EXIM offers a superior level of lender support,” said Craig Larsen, HNB vice president for Global Advisory Solutions.
EXIM’s Working Capital Guarantee Program helps exporters maintain the cash flow to fulfill existing export contracts and add new business abroad. EXIM provides the lender with a 90 percent guarantee of working capital loans. EXIM-guaranteed loans enable exporters to pay for materials, equipment, labor and other needs to meet export contracts; to post standby letters of credit serving as bid bonds, performance bonds or payment guarantees; or to purchase finished products for export. Most of EXIM’s working capital guarantees are provided through qualified lenders that have delegated authority from EXIM to commit the bank’s guarantee at the time that the loan is approved.
Headquartered in Columbus, Ohio, Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $109 billion regional bank holding company, the principal subsidiary of which is The Huntington National Bank.
ABOUT EXIM BANK:
EXIM Bank is an independent federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM Bank can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country. Since 2000, EXIM Bank has provided $14.8 billion to the U.S. Treasury after paying for all of its administrative and program expenses.