FOR IMMEDIATE RELEASE February 23, 2005
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. - Sovereign Global Marketing (SGM), a small business in Carson City, Nev., will be supporting up to 18 new U.S. manufacturing jobs by selling mining equipment repair parts to Peru, backed by an Export-Import Bank of the United States (Ex-Im Bank) $500,000 working capital guarantee.
SGM is a three-person company established in 2001. According to Guarantee Bank of California which is providing the working capital line of credit under Ex-Im Bank's guarantee, SGM and two of its sub-suppliers will together be adding a total of up to 18 new employees to fill the foreign order.
Helping small businesses like Sovereign Global Marketing enter foreign markets for the first time, and creating U.S. jobs in the process, is what Ex-Im Bank is all about, said Ex-Im Bank Chairman Philip Merrill.
Ex-Im Bank's support is vitally important for small businesses like Sovereign Global Marketing, said SGM President Dan Pearson. We are using the Ex-Im Bank-guaranteed financing to jump start our exporting business to serve this Peruvian client, the largest gold mine in South America and possibly in the world.
SGM's exports of hoses, fittings, bolts and nuts will go to two gold mine equipment maintenance companies in Peru to help maintain the Peruvian gold mine Minera Yanacocha S.R.L. SGM anticipates the export sale will lead to substantial follow-on business.
Without the Ex-Im Bank guarantee, this company would not have been able to enter the Peru mining market, said Eileen Ma, vice president of Guarantee Bank of California.
Guaranty Bank of California, based in West Los Angeles, Calif., is an Ex-Im Bank Delegated Authority Lender, and as such can approve Ex-Im Bank-guaranteed working capital financing without prior approval from Ex-Im Bank. The California lender received Ex-Im Bank's 2004 Regional Bank of the Year award for the western region at Ex-Im Bank's annual conference.
Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2004, Ex-Im Bank, an independent federal agency, authorized financing to support approximately $17.8 billion in U.S. exports worldwide, a 25% jump from a year earlier. For more information on Ex-Im Bank visit //www.exim.gov.