Provided Record Level of Ex-Im Bank-guaranteed Working Capital Loans
WASHINGTON, March 29, 2011 /PRNewswire-USNewswire/ -- Silicon Valley Bank (SVB), headquartered in Santa Clara, Calif., will receive the Small Business Lender of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's 36th Annual Conference, Government at the Speed of Business, in Washington, D.C., on March 31.
A long-time Ex-Im Bank partner, SVB helped provide 75 small businesses with Ex-Im Bank-guaranteed working capital loans in 2010 alone, the highest level among all banks participating in Ex-Im's working capital guarantee program. The support enabled SVB clients to generate an estimated $1.4 billion in export sales to more than 30 countries, supporting an estimated 6,400 existing and new U.S. jobs.
"Silicon Valley Bank's outstanding performance in partnership with Ex-Im Bank contributes to President Obama's goal of doubling U.S. exports by 2015," said Ex-Im Bank Chairman and President Fred P. Hochberg. "The U.S. economy and U.S. jobs can't grow without exports, and exports can't grow without small business participation. Silicon Valley Bank well deserves this award for helping more small firms join the global marketplace."
SVB serves clients around the world through 26 U.S. offices and five international operations.
"Our innovative clients leverage overseas markets extensively and Ex-Im Bank's excellent financing programs contribute nicely to their success," said Jeff Strawn, head of Global Credit Services for Silicon Valley Bank. "We are honored to accept this award and continue to build upon our longstanding and strong relationship with Ex-Im on behalf of our clients."
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 expand its clients' borrowing capability, fueling their export sales, jobs, and shareholder value.
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 31.
Founded in 1983, SVB has been an Ex-Im Bank partner for almost 20 years, and is one of only eight Ex-Im Bank Super Delegated Authority lenders. The Super-Delegated Authority program allows SVB to provide Ex-Im Bank-guaranteed financing on an expedited basis, speeding the process of securing bank financing for small businesses. More information on the company can be found at www.svb.com.
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. More information is available at www.exim.gov.
SOURCE Export-Import Bank of the United States