Home Back Issues February 2009 Ex-Im Bank helps traded sector

Ex-Im Bank helps traded sector

| Print |  Email
Archives - February 2009
Sunday, February 01, 2009

STATEWIDE — You know the pendulum has swung when the government is backing loans that banks won’t touch.

Once upon a time, exporters could demand cash in advance or a letter of credit from foreign purchasers. Then came the credit crunch, spreading virally and globally. One source of solutions to the credit woes of international companies is the U.S. Export Import Bank, which has established a formal relationship with the Oregon Economic and Community Development Department to offer financing tools to the state’s traded sector.

As the official export credit agency of the federal government, Ex-Im has worked with Oregon companies for years, providing financing for bike trailer manufacturer Burley Design of Eugene, seed exporter Turf Merchants of Tangent, Freightliner and many others. The roster is expected to expand significantly now that banks are under pressure to improve their cash positions and reluctant to lend without compelling assurance they will be paid back.

A stamp of approval from Ex-Im Bank is as solid a guarantee as an exporter can get. “We’re backed by the balance sheet of the U.S. government,” says Jim Lucchesi, a San Francisco-based senior development director with the 350-employee federal agency. Lucchesi is working with OECDD to help exporters limit their risks and enhance their ability to borrow with loan guarantees, direct loans and several varieties of credit insurance.

“Credit insurance is part of the standard business model in Europe,” Lucchesi says. “The awareness about it is growing as more businesses look overseas for new markets.”

One company that has benefited from Ex-Im credit insurance is privately held Tualatin-based Wade Rain, which exports irrigation systems to Latin America. “It’s a program I would recommend to anyone who is exporting,” says Wade Rain president Ed Newbegin. “It makes the bank comfortable to have an insured receivable.”

Anything that gives the bank comfort is worth considering these days.                  

BEN JACKLET


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

More Articles

Creating a culture of compliance

Business tips
Thursday, June 19, 2014
DataBY MONICA ENAND | GUEST CONTRIBUTOR

Nine tips for building habits among employees to respond when needed.


Read more...

Powerlist: Credit Unions

June 2014
Thursday, May 29, 2014
BY KIM MOORE

A conversation about credit unions with the CEOs of Advantis Credit Union and OSU Federal Credit Union, followed by June's Powerlist.


Read more...

Timber town

June 2014
Thursday, May 29, 2014
BY LEE VAN DER VOO

A forest collaboration saves the Rough & Ready Lumber Company.


Read more...

Moving the needle

June 2014
Thursday, May 29, 2014

I was in a rut. A few months ago, I was at my desk trying to come up with cover story ideas for our June “green” issue.  But I was stuck on a concept that is a bit too tried and true in the magazine business.


Read more...

The Scott Kveton affair

News
Wednesday, July 09, 2014
ScottKvetonBY LINDA BAKER | OB EDITOR

Scott Kveton, the CEO of Urban Airship is taking a leave of absence from the company. As the story continues to unfold, here’s our perspective on a few of the key players.


Read more...

Detox fashion

June 2014
Thursday, May 29, 2014
BY LINDA BAKER

Remember mood rings? A team of scientists at Oregon State University has designed what might be considered a 21st-century analog of the ’70s jewelry fad: a bracelet that reveals one’s exposure to pollutants.


Read more...

Proceed with caution

June 2014
Thursday, May 29, 2014
0614leadersBY COURTNEY SHERWOOD

Business and civic leaders weigh the risks and rewards of going green.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS