Approved Insurance Policy Helps Company Save 33 Jobs
WASHINGTON, March 28, 2011 /PRNewswire-USNewswire/ -- Global Business Solutions (GBS), a risk-mitigation specialized firm, is to receive the 2011 Broker of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's annual conference in Washington, D.C., on Thursday, March 31.
GBS has successfully competed in export markets with specialized export credit and political risk insurance products with a focus on small business. As one of Ex-Im Bank's key business partner, GBS has brokered a total of almost 90 Ex-Im policies, 53 in fiscal year 2010 alone. The majority of these are supporting small businesses.
"GBS' innovative thinking and understanding of the importance of exporting for the American economy has made them a valuable asset to our mutual clients," said Ex-Im Bank Chairman and President Fred P. Hochberg. "The export financing they have facilitated has helped keep U.S. workers employed and furthered U.S. competition in the global market."
One example of their success was the saving of 33 jobs at one North Carolina lumber company, an industry that has been hard-hit in the economy. Due to a limited time frame, an urgent request from GBS to help the company was sent to Ex-Im Bank. As a result, Ex-Im gave an expedited review of the credit and approved a multi-buyer insurance policy to the company for exporting to China, keeping 33 employees on the payroll.
"The first time I read Ex-Im's credit insurance policy I got very excited. This was exactly what businesses need to be competitive globally, especially small businesses," said founder and President of GBS Kathy Edwards. "No time was this more true than during the economic downturn when some clients had only export orders. Ex-Im has enabled my clients to enter the global market with the safety net they need and to obtain financing so important for growth."
Ex-Im Bank's Annual Conference on March 31st– April 1st will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place at 1:45 p.m. on March 31st.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private sector export financing at no cost to American taxpayers. The Bank provides a variety of financing products, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. capital goods and services.
By charging fees and interest on all loan related transactions, Ex-Im Bank is self-sustaining. It is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
SOURCE Export-Import Bank of the United States