This is a critically important product for us to offer at this time as many U.S. manufacturing companies are looking to expand into overseas markets - such as India- to offset the downturn in the U.S. economy
Atlanta, GA (PRWEB) July 1, 2009
Bibby International Trade Finance, a division of Bibby Financial Services, announced today that it has been named an approved lender by the Export-Import Bank of the United States (Ex-Im Bank), 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 U.S. manufacturing companies are looking to expand into overseas markets - such as India- to offset the downturn in the U.S. economy," Bibby International Trade Finance Managing Director Ian Varley said. "The main job of Ex-Im Bank is to promote U.S. exports and increase jobs here in the U.S. Now, as an approved delegated authority lender of Ex-Im Bank, 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 Ex-Im Bank guarantees to support the financing it provides to its clients to insure that if the export fails EX-Im Bank will provide payment to Bibby. Designation as an approved Ex-Im lender is especially important in the current environment as bank lending has tightened, export credit insurance is less and less available and U.S. 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 explained. "Being named an approved lender by Ex-Im Bank 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."
Notes to Editors
Bibby Financial Services is a worldwide market leading specialist of business cash flow solutions to small and medium-sized enterprises. Its product portfolio includes receivable finance, factoring, export finance, purchase order finance and specialist solutions for staffing and trucking sectors. Its North American offices are located in Atlanta, Chicago, Dallas, Houston, Los Angeles, Nashville, Phoenix, Sacramento, Toronto, and West Palm Beach, as well as 27 other countries around the world. Bibby Financial Services is a subsidiary of The Bibby Line Group, a 200 year-old privately held company based in the United Kingdom, that provides business-to business services to a variety of industries including shipping, distribution, offshore oil field services, financial services, retail and employment law.
For more information visit Bibby Financial Services. For more information on this press release, contact Lisabeth Weiner at (312) 252-7360.