ANCHORAGE, Ala., Nov. 4, 2010 — More Alaska fisheries, agriculture, tourism and resource-based businesses can increase sales through exporting, now that Alaska Commercial Fishing and Agriculture Bank (CFAB) is partnering with the Export-Import Bank of the United States (Ex-Im Bank).
"As Ex-Im Bank's first Delegated Authority Lender headquartered in Alaska, CFAB can offer local companies a whole new set of Ex-Im Bank financing tools to help them compete in the global marketplace," said CFAB President Lela Klingert.
CFAB is a unique cooperative bank, owned and operated by those using its services. Borrowers automatically become members and stockholders, with the potential to earn patronage and dividends.
CFAB already has guided Salamantof Seafoods, Kenai, Alaska, a fish processor that exports to Japan, in the use of Ex-Im Bank's export credit risk insurance. "By using this short-term multi-buyer insurance policy, rather than more costly letters of credit, Salamantof Seafoods gets costs down and maintains its workforce," Klingert said. Salamantof Seafoods employs 79 people during its peak season.
"Through this partnership, CFAB will give Alaska's small businesses greater access to Ex-Im Bank financing and simplify the application process," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We are dedicated to this kind of improved customer service, which will increase export sales, and keep Alaskans working."
CFAB's partnership enables Alaska businesses to tap several Ex-Im Bank financing products: 1) working capital loan guarantees to help small and medium-sized U.S. businesses fill foreign orders, 2) export credit insurance to protect against nonpayment by foreign buyers, and 3) loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
Delegated Authority Lenders can expedite the loan process by committing Ex-Im Bank's guarantee without prior Ex-Im Bank approval. No waiting, no red tape! To find more information about the program, visit the web site at www.exim.gov or call 415-705-2280 to reach Paul Watts in Ex-Im Bank's West Region Satellite Office (San Francisco, Calif.).
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing products to support U.S. export and jobs growth.
Source: Export-Import Bank of the United States