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SBA Buffalo Announces New Export Express Lenders
The SBA Buffalo District announces early success in recruiting private lenders to participate in the SBA Export Express loan guarantee program. Nine local banks with headquarters in the 14-county district have executed an agreement to participate in the newly permanent program, creating additional points of access for small businesses interested in beginning or expanding their export activity. The new SBA Export Express lenders are: Canandaigua National Bank, Evans Bank, First Niagara Bank, Genesee Regional Bank, HSBC Bank, M&T Bank, The Bank of Castile, and The Lyons National Bank.
“We’ve worked to identify, connect, prepare, and support small exporters by expanding into new markets and by partnering with our lenders”. We hope to provide the financial resources necessary to assist small business exports, growth and job creation,” said SBA Buffalo District Director Franklin J. Sciortino.
SBA Export Express-
SBA Export Express offers flexibility and ease of use to both borrowers and lenders. It is the simplest export loan product offered by the SBA and allows participating lenders to use their own forms, procedures and analyses. The SBA provides an answer in 36 hours or less. Loans made through Export Express up to $350,000 have a 90 percent guaranty and loans between $350,000 and $500,000 have a 75 percent guaranty. Loan proceeds may be used for business purposes that will enhance a company’s export development. Export Express can take the form of a term loan or a revolving line of credit. As an example, proceeds can be used to fund participation in a foreign trade show, finance standby letters of credit, translate product literature for use in foreign markets, finance specific export orders, as well as to finance expansions, equipment purchases, and inventory or real estate acquisitions, etc.
National Export Initiative-
President Obama has called for doubling the nation’s exports to support creating two million jobs in the next five years. Small business exporters are taking advantage of the world market and selling billions of dollars of goods and services overseas every year. In fact, 70% of all exporters have fewer than 20 employees. The SBA has taken target steps to strengthen its partnership with other federal agencies involved in international trade, creating new tools to help small businesses both begin exporting and grow their exports, and making loans to exporters more accessible. The National Export Initiative also called for the creation of a new Cabinet-level focus on exports, expanding export financing, prioritizing government advocacy on behalf of U.S. exporters, and providing new resources to U.S. businesses seeking to export. For more information on export services for small businesses or to find local counseling and technical assistance resources, please visit http://business.usa.gov.
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