SANTA CLARA, Calif., March 30, 2011 /PRNewswire/ -- Silicon Valley Bank (SVB), the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries, was named Small Business Lender of the Year by the Export-Import Bank of the United States (Ex-Im Bank). In 2010, SVB's Ex-Im loan commitments helped 75 small business clients generate more than $1.4 billion in U.S. export sales to 30 different countries and support nearly 6,400 new and existing U.S. jobs.
"Each year Ex-Im recognizes only one bank for its outstanding achievement in financing the exports and growth of small businesses," said Chairman Fred P. Hochberg of the Export-Import Bank of the U.S. "Silicon Valley Bank is consistently one of our most active partner banks and we are pleased to honor SVB this year for its engagement in our mission to create jobs through exports."
Access to working capital is critical for technology, cleantech and life science companies to support growth. Traditionally, foreign receivables that result from U.S. export sales are not eligible as collateral for working capital loans. Silicon Valley Bank's Ex-Im guaranteed working capital loans successfully expand its clients' borrowing capability, thereby fueling their export sales, jobs, and shareholder value.
"Ex-Im Bank offers excellent financing opportunities for our innovative clients who leverage overseas markets early in their lifecycles," said Jeff Strawn, head of Global Credit Services for Silicon Valley Bank. "We take every opportunity to make our clients more successful in their own right and our great relationship with Ex-Im is certainly an important part of our efforts. We are honored to accept this award."
Ex-Im Bank works to foster U.S. exports and job creation. Together with commercial lenders like Silicon Valley Bank, Ex-Im Bank's guarantees fill the gap in working capital financing and can help level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters.
One of only eight Ex-Im Bank Super Delegated Authority lenders in the U.S. and long-time leader in the use of Ex-Im Bank's programs, Silicon Valley Bank has been utilizing Ex-Im Bank guarantees for nearly 20 years. As an Ex-Im Bank Super-Delegated Authority Lender, Silicon Valley Bank can provide Ex-Im Bank-guaranteed financing on an expedited basis, speeding the process of securing bank financing for small businesses. Today, Silicon Valley Bank has the delegated authority to approve up to $300 million in Working Capital Guaranteed loan commitments to U.S. companies in need of financing their export sales.
In addition to its work with Ex-Im Bank's Loan Guarantee Program, Silicon Valley Bank offers a variety of export-related financial services. Contact your local Silicon Valley Bank representative for more details.
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 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.
In fiscal year 2010, Ex-Im Bank authorized a record high of approximately $24.5 billion in loans, guarantees and insurance (including more than $5 billion in authorizations for small businesses), supporting an estimated 230,000 American jobs. During the first quarter of fiscal year 2011, the Bank approved $8 billion in total financing authorizations, supporting nearly $9.3 billion in export sales. The sales in turn support approximately 66,000 American jobs in communities across the country.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Silicon Valley Bank