Global Credit Express
An Exporter's Guide
Demonstrating Ex-Im Bank's ongoing commitment to small business exporters is the Global Credit Express program, specially designed to deliver short-term working capital loans directly to creditworthy small business exporters. Through this new program, exporters like you may be eligible for a 6- or 12-month revolving line of credit of up to $500,000. Global Credit Express adds liquidity to the U.S. small business export market by financing the business of exporting rather than specific export transactions. This is a pilot program currently offered through a select number of Originating Financial Institutions nationwide.
Benefits:
- Provides working capital to fund your business's export activities
- Supports your direct exports of U.S.-made goods and services, as well as those which you export indirectly by selling to other U.S. exporters
- Offers streamlined processing and quick turn-around on loan applications
- Provides fixed-rate financing at a relatively low interest cost
- Requires no dedicated borrowing base or monthly reporting requirements
How it works:
- The Originating Financial Institution works with you to prepare and submit your preliminary loan application
to Ex-Im Bank. If you meet Ex-Im's eligibility criteria, a full application package (with supporting documents) is submitted to Ex-Im Bank.
- The loan approval process is generally 5 business days after submission of a completed application package.
- Ex-Im Bank makes these loans directly to you.
Eligibility:
In order to be eligible for a Global Credit Express loan, you must:
- Meet the Small Business Administration's definition of a "small business" -- you may refer to http://www.sba.gov/content/am-i-small-business-concern
- Have a minimum of three years of revenue producing operations and one year of exporting experience.
- Have an existing relationship with or have been solicited by an Originating Financial Institution participating in the pilot program.
- Have a favorable reference from the Originating Financial Institution, or current bank of account.
- Have no tax liens or judgments.
- Export goods which are made in the U.S. and/or export a service which is performed by U.S.-based personnel.
- Meet a minimum Fair Isaac small business credit score (FICO), and successfully pass a due diligence credit evaluation and principal's background check.
Fees and Loan Terms:
- An application fee of up to $500 is payable to the Originating Financial Institution when you apply and an origination fee of up to $2,000 is payable at closing
- Ex-Im Bank's exposure fee is 2.5% of the maximum loan amount
- Standard legal fee of $2500 plus actual closing costs of up to $500 payable at closing
- The interest rate is fixed at CIRR (Commercial Interest Reference Rate) + 2.6%
- Loan term of either 6 or 12 months
- Loans may not exceed $500,000; the actual loan amount is based on eligible export orders, proof of past export transactions and a ratio of net current assets
- Collateral will be either a first or second perfected security interest in the general assets of your company
- A personal guarantee is required of any principal with at least a 20% ownership interest
Getting Started:
Contact a local Ex-Im Bank manager by calling toll free to 800-565-EXIM (3946) and selecting option 2 at the prompt.
Links:
An Exporter's Guide
Demonstrating Ex-Im Bank's ongoing commitment to small business exporters is the Global Credit Express program, specially designed to deliver short-term working capital loans directly to creditworthy small business exporters. Through this new program, exporters like you may be eligible for a 6- or 12-month revolving line of credit of up to $500,000. Global Credit Express adds liquidity to the U.S. small business export market by financing the business of exporting rather than specific export transactions. This is a pilot program currently offered through a select number of Originating Financial Institutions nationwide.
Benefits:
- Provides working capital to fund your business's export activities
- Supports your direct exports of U.S.-made goods and services, as well as those which you export indirectly by selling to other U.S. exporters
- Offers streamlined processing and quick turn-around on loan applications
- Provides fixed-rate financing at a relatively low interest cost
- Requires no dedicated borrowing base or monthly reporting requirements
How it works:
- The Originating Financial Institution works with you to prepare and submit your preliminary loan application to Ex-Im Bank. If you meet Ex-Im's eligibility criteria, a full application package (with supporting documents) is submitted to Ex-Im Bank.
- The loan approval process is generally 5 business days after submission of a completed application package.
- Ex-Im Bank makes these loans directly to you.
Eligibility:
In order to be eligible for a Global Credit Express loan, you must:
- Meet the Small Business Administration's definition of a "small business" -- you may refer to http://www.sba.gov/content/am-i-small-business-concern
- Have a minimum of three years of revenue producing operations and one year of exporting experience.
- Have an existing relationship with or have been solicited by an Originating Financial Institution participating in the pilot program.
- Have a favorable reference from the Originating Financial Institution, or current bank of account.
- Have no tax liens or judgments.
- Export goods which are made in the U.S. and/or export a service which is performed by U.S.-based personnel.
- Meet a minimum Fair Isaac small business credit score (FICO), and successfully pass a due diligence credit evaluation and principal's background check.
Fees and Loan Terms:
- An application fee of up to $500 is payable to the Originating Financial Institution when you apply and an origination fee of up to $2,000 is payable at closing
- Ex-Im Bank's exposure fee is 2.5% of the maximum loan amount
- Standard legal fee of $2500 plus actual closing costs of up to $500 payable at closing
- The interest rate is fixed at CIRR (Commercial Interest Reference Rate) + 2.6%
- Loan term of either 6 or 12 months
- Loans may not exceed $500,000; the actual loan amount is based on eligible export orders, proof of past export transactions and a ratio of net current assets
- Collateral will be either a first or second perfected security interest in the general assets of your company
- A personal guarantee is required of any principal with at least a 20% ownership interest
Getting Started:
Contact a local Ex-Im Bank manager by calling toll free to 800-565-EXIM (3946) and selecting option 2 at the prompt.