Bibby International Trade Finance, a division of Bibby Financial Services, has been named an approved lender by the Export-Import Bank of the United States (US Ex-Im), strengthening its ability to provide export receivables financing to help its clients grow their overseas businesses.
"This is a critically important product for us to offer at this time as many US manufacturing companies are looking to expand into overseas markets – such as India – to offset the downturn in the US economy," says Bibby International Trade Finance managing director, Ian Varley. "The main job of US Ex-Im is to promote US exports and increase jobs here in the US. Now, as an approved delegated authority lender of US Ex-Im, we have the necessary tools to work with our clients to provide facilities for their overseas trade."
As a working capital delegated authority lender, Bibby International Trade Finance will have the ability to underwrite US Ex-Im guarantees to support the financing it provides to its clients to insure that if the export fails, US Ex-Im will provide payment to Bibby.
Designation as an approved US Ex-Im lender is especially important in the current environment as bank lending has tightened, export credit insurance is less and less available and US companies are seeking financing sources to help break into new markets.
"Many lenders don't like to support export trade because it can be difficult to get paid back if the overseas customer defaults," Varley explains. "Being named an approved lender by US Ex-Im gives us an additional layer of credibility in this market and gives us the protection we need to provide more international trade-related products and services to our clients."
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