California Ranks 3rd Nationally in Ex-Im Bank FY'11 Small Business Financing

Nearly $400 million in export credit boosts sales for Golden State small businesses

WASHINGTON, Oct. 20, 2011 /PRNewswire-USNewswire/ -- Today, the Export-Import Bank of the United States (Ex-Im Bank) announced that in its preliminary Fiscal Year 2011 (FY'11) figures, nearly $400 million in export credit was authorized for California small businesses, making California one of the leading states in the country for Ex-Im small business financing.

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"Ex-Im Bank financing is supporting local jobs in cities across the Golden State," said Fred P. Hochberg, Ex-Im Bank chairman and president. "Small businesses are the backbone of our economy, and we will continue to provide our small and medium-sized business owners with the tools they need to compete in today's brutally competitive global marketplace."

Ex-Im Bank recently reported that it has hit historic levels exceeding $32 billion in transactions, which are supporting $40.6 billion in export sales and approximately 290,000 American jobs at over 3,600 U.S. companies. The Bank authorized more than $1.7 billion in export credit financing for California companies.  

"U.S. exports are contributing to our economic recovery and the record-setting growth of Ex-Im export financing is helping to support that trend," said Gene Sperling, the director of the National Economic Council. "American exporters and Ex-Im remain on track to achieve President Obama's goal of doubling U.S. exports by the end of 2014."

Featured California Small Business Transaction
Ceilings Plus is a manufacturer and installer of high quality aluminum and wood ceiling and wall panels. The firm has installed their specialty ceiling work at such locations as the Newseum in Washington, D.C.; the Clinton Presidential Library, Little Rock, AR; the Kodak Theatre, Hollywood, CA; and the Hayden Planetarium in New York City.

The firm first came to the attention of Ex-Im Bank in 2007 via Bank of the West regarding a pre-export working capital need of Ceilings Plus for their newly-won $18 Million contract for the expansion project of the Doha International Airport in Qatar. While successful in the United States, this was the company's first international deal and it required a $2.2 million performance bond and collateral.

Ex-Im Bank's standby letter of credit allowed Ceilings Plus to access funds that would have otherwise been tied up in the performance bond. The company was subsequently awarded an $11 million contract for Phase II of the project, for which the guarantee was used again for issuance of a performance bond. The resulting new business of two international contracts totaling $29 million is significant for this small business with annual revenues in the $15 million range. This working capital lender loan guarantee has been instrumental in Ceilings Plus' success and they are now seeking other large contracts in the Middle East. Due to their sales growth, Ceilings Plus has increased its work force from 86 in April, 2008, to 150 in April, 2011.

"Ex-Im Bank has engaged in steady collaboration with our company and our local bank to provide the financial support we needed. This helped give us the confidence to venture into the international world. Ceilings Plus sales have more than doubled and have increased our employment with the help of Ex-Im," said President Nancy Mercolino.

Small Business
Small business financing rose over 70 percent from $3.3 billion in FY 2008 to $6 billion in FY 2011 and is up $1 billion from last year. As part of its efforts to increase this portfolio, Ex-Im Bank's Global Access for Small Business initiative has held more than 20 forums across the country this year, reaching 4,000 small business exporters. For information on Ex-Im Bank's small business transactions, please visit: http://www.exim.gov/sbgport/SB_success.cfm

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. The Bank is a self-sustaining agency that receives no net appropriation from the U.S. Congress and charges interest and fees to fund its transactions.

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.  

SOURCE Export-Import Bank of the United States

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