Financing Totals $291 Million in FY'12
FOR IMMEDIATE RELEASE April 4, 2013
Jamie Radice (202-565-3200)
Washington, D.C. - J.P. Morgan received the Lender of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award was presented at the Bank's 38th Annual Conference in Washington, D.C.
J.P. Morgan has consistently been among the top five most active users of the bank's Working Capital program. In FY 2012, J.P. Morgan's use of the Bank's Working Capital product numbered 36 transactions, totaling more than $291 million, with $181 million going to small businesses.
J.P. Morgan has done a terrific job of reaching small- and medium-sized businesses, said Ex-Im Bank Chairman and President Fred P. Hochberg. We look forward to continuing our work with J.P. Morgan and ensuring that American exporters have access to the financing they need to grow their companies and succeed in the international market.
J.P. Morgan is devoted to helping small and medium businesses remain competitive in the global marketplace, and our work together with Ex-Im Bank is a cornerstone of that effort, said David Conroy, global trade sales head at J.P. Morgan's Corporate & Investment Bank. We are honored to receive this award and look forward to maintaining and growing our partnership with Ex-Im Bank to reach clients across all sectors.
J.P. Morganwas the first lender to sign the master guarantee agreement for participation in the Supply Chain Finance Program. Ex-Im Bank's supply chain finance guarantee is an innovative product that provides liquidity and strengthens the U.S. export supply chain to help create and maintain jobs, especially for small business suppliers.
Ex-Im Bank's 2013 Annual Conference will feature prominent members of the business and government community including Vice President Joe Biden, Transportation Secretary Ray LaHood, former Treasury Secretary Larry Summers, former National Security Advisor General James Jones, Xerox Corporation CEO Ursula Burns, and Citibank Chairman Michael O'Neill. A full listing of speakers, panelists, and moderators is available on Ex-Im's website: www.exim.gov.
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, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $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.