FOR IMMEDIATE RELEASE April 3, 2007
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- One of the largest banks in the world has earned the distinction of being named the 2007 Small Business Lender of the Year by the Export-Import Bank of the United States (Ex-Im Bank) because of its notable support of exports by U.S. small businesses to buyers around the world. JPMorgan Chase Bank will receive the award at Ex-Im Bank's annual conference in Washington, D.C., on Thursday, April 12.
One of the most active lenders in Ex-Im Bank's working capital guarantee (WCG) program, JPMorgan Chase has, since 1988, originated 325 WCG loan facilities with a total credit accommodation of $682.7 million. Last year alone, the bank originated 38 such facilities totaling $107.4 million, of which 32 supported U.S. small businesses.
Ex-Im Bank's working capital guarantee, insurance, and loan guarantee programs help us work with many companies that otherwise could not finance their exports, said Martha N. Gentry, vice president, Global Trade Services, in JPMorgan Chase's Treasury Services group. Most banks won't finance export-related foreign receivables and related inventory without some sort of mitigant. With Ex-Im Bank support, we can help these companies export more.
JPMorgan Chase was granted Super delegated authority status by Ex-Im Bank in 1999, which allows it to authorize Ex-Im Bank-guaranteed working capital loans of up to $10 million to any one borrower. The bank subsequently was approved for Ex-Im Bank's Fast Track application processing system, under which experienced lenders can provide small and medium-sized U.S. exporters with expedited Ex-Im Bank-guaranteed working capital loans -- between $10 million and $25 million -- with a total aggregate limit of $300 million per lender. JPMorgan Chase closed its first Fast Track loan in February 2006.
With its commitment to our programs and its innovative outreach efforts, JPMorgan Chase has helped Ex-Im Bank fulfill its mission to strengthen support for small business exports and create and sustain U.S. jobs, said Ex-Im Bank Chairman and President James H. Lambright. We are delighted to recognize JPMorgan Chase's achievements by presenting them with our 2007 Small Business Bank of the Year award.
JPMorgan Chase conducts seminars across the nation to educate bankers, loan underwriters, credit officers, customers and prospective customers about Ex-Im Bank programs.
Ex-Im Bank's 32nd annual conference on April 12 and 13 will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 12 luncheon program which begins at 12:30 p.m.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2006, Ex-Im Bank authorized over $12.1 billion in transactions supporting an estimated $16.1 billion in U.S. exports.
For more information about Ex-Im Bank's Annual Conference, including online registration, accommodations, and program details, visit //www.exim.gov/.