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Ex-Im Bank:Exporting to ANESA
Jan Blaho, Business Development Officer, Midwest
May 12, 2010
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Who are we and what do we do?
Mission: Support US exports in order to create andsustain US jobs
Ex-Im Bank is an independent agency of the UnitedStates government
Established in 1934
Headquartered in Washington, DC
5 regional business development offices, plus4 satellite locations (Dallas, San Diego, SanFrancisco and Washington D.C.)
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Foreign Export Credit Agencies compete with Ex-ImBank
EDC CanadaECGD UKCoface FranceEulerHermes GermanyJBIC JapanSace ItalyKEIC, Keximbank S. KoreaOeKB AustriaEfic Australia
We have foreign competitors that have similar support
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The National Export Initiative is a White House priority.
“Third, we need to export more of our goods. Becausethe more products we make and sell to other countries,the more jobs we support right here in America. Sotonight, we set a new goal: We will double ourexports over the next five years, an increase thatwill support two million jobs in America. To helpmeet this goal, we're launching a National ExportInitiative that will help farmers and small businessesincrease their exports, and reform export controlsconsistent with national security.”
“We have to seek new markets aggressively, just as ourcompetitors are. ”
President Barack ObamaState of the Union AddressJanuary 27, 2010
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Exports are a small component of US GDP
Export Leaders, 2009
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
China
Ger
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Unite
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Net
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Sou
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0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%Exports (millions USD)
Exports/GDP (%)
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Where does Minnesota export?
Source: http://tse.export.gov/
In Thousands USD
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Ex-Im Bank supports Minnesota exporters!
Export-Import Bank's 5-Year Impact(Fiscal Year 2006 thru 2010)
• Companies Supported - 111• Communities Supported - 49• Value of Exports Supported - $737.96 million
Export-Import Bank's FY 2009 & FY 2010Impact
• Value of Exports Supported - $68.92 million (FY2009) $165.35 million (FY 2010)
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Minimize risks
Provide a Marketing Advantage
Supplement commercial financing
Ex-Im Bank helps US companies
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Ex-Im Bank helps overseas buyers of US goods andservices
Improved Cash Flow– Supplemental Liquidity
Lower Interest Rates– Loan Guarantees lessen the interest rate commercial
lenders require
Extended Terms– Longer payback periods than typically available on the
market
Establish Credit Record– Through carefully designed repayment structure
supported by local banks and sovereign guarantees
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Ex-Im Bank has 7 primary financing products
Short-Term FinancingShort-Term Financing
Medium & Long-TermMedium & Long-TermFinancingFinancing
•• Export Credit Insurance Export Credit Insurance
•• Working Capital Guarantees Working Capital Guarantees
TermTerm SolutionsSolutions
•• Export Credit Insurance Export Credit Insurance
•• Commercial Loan Guarantees Commercial Loan Guarantees
•• Direct Loans Direct Loans
•• Project/Structured Finance Project/Structured Finance
•• Transportation (Aircraft) Transportation (Aircraft)
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Ex-Im Bank support covers the spectrum
Pre-ExportFinancing
Post-ExportFinancing
Working CapitalGuarantees
InsuranceGuarantees
Direct Loans
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Pre-Export Financing for yourUS company: WorkingCapital Guarantee Program
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A Working Capital Guarantee is for US companies
• This is a guarantee to a commerciallender which makes a loan to an exporter topurchase or manufacture US goods andservices for export
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A Working Capital Guarantee assists small and mediumsized companies
Assists small and mid-size companies in obtaining workingcapital to produce or purchase US goods and services for export
Provides a 90% guarantee of repayment (principal and interest)on loans to exporters
May be set up as “Transaction-Specific” or a “Revolving” Line ofCredit
No minimum or maximum amounts
Loan supports advances made against export-related inventory(including WIP) and foreign receivables:
Up to 75% advance rate on inventory, and up to 90% onforeign receivables
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Working Capital Guarantees must be creditworthy
Asset-Based: fully collateralized
Personal guarantees are required of owner(s)
Cost:
$100 application fee
Up to 1.5% facility fee – Reduced fee if:
Exports sales structured under L/Cs and/or secured byexport credit insurance; exporter’s financial ratios arewithin its industry median
A lower fee may be negotiated with a “Delegated Authority”Lender (see list on www.exim.gov)
Interest rate is determined by the lender
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Working Capital Guarantee increases your borrowingpower
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The Robbins Company is a success story
Challenge:
•Small business, manufacturer of hard-rock tunnel-boringmachines, needed more financing than its bank couldprovided to fulfill the largest order in the company’shistory.
Solution:
•Company received a $25 million loan facility backed by anEx-Im Bank working capital guarantee to support stand-byL/Cs to secure the advance payments made by the Indiancustomer.
Result:
•The firm was able to accept the $131 million contract, andadded 50 new employees.
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POST exportfinancing for youroverseas buyers
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There must be three elements to an Ex-Im Banktransaction … the three “C’s”
√ Cover Policy: We must be open in thebuyer’s country.
√ Content: The U.S. Export must havesignificant U.S. content.
√ Creditworthiness: The transactionmust have a reasonable assurance ofrepayment.
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√ Cover P0licy: Where is Ex-Im Bank Available?
Short-term
Sector(s) Open
Medium-term
Sector(s) Open
Long-term
Sector(s) Open
Open for
Specially
Financed
Transactions
Afganistan Yes
Algeria Public & Private Public & Private Public & Private Yes
Egypt Public & Private Public & Private Public & Private Yes
Ghana Public & Private Public & Private Public & Private Yes
India Public & Private Public & Private Public & Private Yes
Iraq Yes
Israel Public & Private Public & Private Public & Private Yes
Jordan Public & Private Public & Private Public & Private Yes
Kenya Public & Private Public & Private Public & Private Yes
Kuwait Public & Private Public & Private Public & Private Yes
Lebanon Public & Private Public & Private Yes
Lybia Public & Private Public & Private Public Yes
Morocco Public & Private Public & Private Public & Private Yes
Nigeria Public & Private Public & Private Public & Private Yes
Pakistan Public & Private Public & Private Public & Private Yes
Qatar Public & Private Public & Private Public & Private Yes
Saudi Arabia Public & Private Public & Private Public & Private Yes
Senegal Public & Private Public & Private Private Yes
South Africa Public & Private Public & Private Public & Private Yes
United Arab
EmiratesPublic & Private Public & Private Public & Private Yes
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√ Content: We have a “made in the USA” ContentPolicy
• Export must be exported from the United States
• 51% U.S. content for short-term transactions
• up to 85% U.S. content for medium/long-termtransactions (OECD driven)
• Services must be performed by US-basedpersonnel, either in the US or in the “host”country
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√ Creditworthiness: Credit standards differ for publicand private sector transactions
Public Sector Transactions:– Ex-Im Bank will most likely require a Ministry of
Finance Guarantee
Private Sector Transactions:– For transactions over a million USD, Ex-Im Bank
requires three years of audited financialstatements
– Ex-Im Bank’s credit standards are on our website:http://www.exim.gov/tools/credit_stds.cfm
– If credit standards cannot be met, Ex-Im Bankwould need other credit enhancements such as alocal bank guarantee.
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Short-Term ExportCredit Insurance
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Short-Term Export Credit Insurance allows you to extendcredit with little risk
Buyer
Ex-Im Bank
Exporter
CommercialContract
Ex-Im BankInsurance
Open Account Terms
Repayment
Ex-Im BankInsurance
Application
Other Short-Term Policies:
Single-Buyer (exporter)
Multi-Buyer (exporter)
Bank Letter of Credit (bank)
Financial Institution Buyer Credit (bank)
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Exposure fee advice tables explain the costs
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The application for ST Insurance is three steps
The following are the required steps to obtain an Export CreditInsurance policy:
U.S. exporter and international buyer negotiate a salescontract;
International buyer supplies the U.S. exporter withfinancial information, as required by Ex-Im Bank’s creditstandards.
U.S. exporter submits insurance application to Ex-ImBank, which includes requisite financial informationreceived from the buyer.
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Medium and Long-Term Loan Guaranteesand Direct Loans
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Ex-Im Bank has a Medium/Long-Term ForeignContent Policy
For medium- and long-term financing, Ex-Im Bank willsupport the following amounts:
▪ 85% of the contract price if eligible foreign content is15% or less
▪ Greater than 15% eligible foreign content, Ex-Im willsupport U.S. content only
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A Loan Guarantee involves several partners
U.S.Supplier
EX-IMBank
OverseasBuyer
Bank: U.S./
International
Payment
Goods & Services
Insurance/Loan GuaranteeApplication
Fina
ncia
lD
ocum
enta
tion
Loa
nR
epay
men
ts
Ex-Im Bank Guarantee
GuarantorBank or Corp
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Ex-Im Bank has established the India InfrastructureFacility with nine banks
Ex-Im Bank provided $2.45 billion medium- andlong-term cost-effective funding to nine Indian
financial institutions:
• ICICI Bank Ltd.• Power Finance Co.• Infrastructure Development Finance Corporation• Industrial Development Bank of India• India Infrastructure Finance Company, Ltd.• State Bank of India• Infrastructure Leasing & Financial Services• India Renewable Energy Development Agency• Punjab National Bank.
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Ex-Im Bank has also established a $1 billion NigerianBanking Facility
www.unionbankng.comUnion Bankwww.oceanicbanknigeria.comOceanic Bank
www.intercontinentalbankplc.comIntercontinental Bankwww.afribank.comAfribank
www.diamondbank.comDiamond Bankwww.gtbplc.comGuaranty Trust Bank (GTB)
www.firstbanknigeria.comFirst Bankwww.fidelitybankplc.comFidelity Bank
www.skyebanking.comSkye Bankwww.firstcitygroup.comFirst City Monument
www.zenithbank.comZenith Bankwww.ibtc.com
Stanbic Investment Banking & TrustCompany (IBTC)
www.ecobank.comEcobankwww.accessbankplc.comAccess Bank
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Ex-Im Bank Exposure Fee Calculator assistswith the fee structure
See: http://www.exim.gov/tools/fee_calc.html
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Applications for Medium-Term financing is also threestepsThere are three steps to approaching Ex-Im Bank:
U.S. exporter and international buyer negotiate a sales contract;
International buyer and/or U.S. exporter identify a financinginstitution to provide the loan (commonly a U.S. bank, but foreignbanks willing to lend U.S. dollars can also apply);
Lending institution submits final application to Ex-Im Bank forreview and approval.
Letter of Interest (Eligible Applicants: Anyone)▪ To initiate financing discussions with lending institutions or to
complement financing proposals for competitive bids, U.Sexporters and importers can obtain an Ex-Im Bank Letter ofInterest (LI) to assist in negotiations for medium- and long-termtransactions.
▪ The LI indicates the Bank's willingness to consider a financingoffer if sale is completed. An LI can be issued within seven days ofa request for financing and remains in effect for six months.
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Ex-Im Bank has several main policies
• Environmental transactions can received extendedterms up to 18 years
• Shipping on US Flag carrier (Only for All DirectLoans and Guarantees over $20 million)
• Foreign content (eligible vs. ineligible)• Used Equipment Questionnaire• Local Costs -> Ex-Im Bank can support up to 30%
of the US contract value in costs incurred in thebuyer’s country
• Military -> Ex-Im Bank cannot consider Militaryexports
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Minnesota and Exporting equals success
Siemens Power Transmission & Distribution, Inc.,EMIS-Division, (SPTD EMIS), Minneapolis, MN
• Product: $35 million long-term loan guarantee• Export: software and services• Buyer: Israel Electric Corp. Ltd. (IEC)• Guaranteed lender: BNP-Paribas, New York, NY.
Minnesota Small Business
• Exporter: Dom-Ex Inc. in Hibbing, MN• Product: used Caterpillar trucks and new construction
equipment and spare parts• Buyer: Concasseur Basalte du Ndiambour in Dakar, Senegal• Product: $2.1 million medium-term guarantee from Ex-Im
Bank