We can expedite access to various loans and lines of credit that can help take your business to the next level.
Flexible working capital solutions to support export growth
U.S. businesses are always looking for new markets for their goods and services. First American Bank can help your company access Small Business Administration export loans that can be used for everything from product production to equipment upgrades to trade show travel.
First American Bank is one of the few lenders in the nation that is preferred by the SBA under the Export Working Capital Program (EWCP). The EWCP provides advances of up to $5 million to fund export transactions, from purchase order to collections. This loan features a low guaranty fee and quick processing time.
- An approved EWCP loan gives you greater flexibility in negotiating export payment terms. However, disbursements can only be made against firm purchase orders from a foreign buyer or to support foreign accounts receivable.
- Financing for suppliers, inventory, works in progress (WIP), or production of export goods or services.
- Working capital to support foreign accounts receivable during long payment cycles.
- Financing for stand-by letters of credit used as bid or performance bonds or as down payment guarantees.
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Similar to the EWCP, CAPLine loans have a low annual guaranty fee and quick processing time as First American Bank is one of the few active lenders under the program nationally.
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Export Express is the SBA's simplest export loan program. It provides up to $500,000 in financing and loan are often approved in 36 hours or less.
- Any business that has been in operation, although not necessarily in exporting, for at least 12 full months and can demonstrate that the loan proceeds will support its export activity is eligible.
- The 12-month rule can be waived if the borrower’s key personnel can demonstrate export expertise and successful previous business experience. The lender must also use conventional commercial loan underwriting procedures and not rely solely on credit scoring.
- Loan proceeds may be used for business purposes that will enhance a company’s export development.
- Money can be used to participate in a foreign trade show, support standby letters of credit and translate product literature for use in foreign markets.
- Funds may also be used to finance specific export orders, expand production facilities, and purchase equipment inventory or real estate
- Export Express can take the form of a term loan or a revolving line of credit.
The International Trade Loan Program offers up to $5 million for fixed assets and working capital for small businesses that plan to start or continue exporting.
- Loans are available if your small business seeks to expand existing export markets or develop new export markets.
- Loans are also available if your small business has been adversely affected by import competition and can demonstrate that the funds will improve your competitive position.
- Borrowers may use loan proceeds to acquire, construct, improve, or expand facilities and equipment to be used in the U.S. to produce goods or services involved in international trade, and to develop and penetrate foreign markets.
- Funds also may be used to refinance an existing loan.