Silicon Valley Bank Expedites Exports and Supports Job Creation by Small U.S. Businesses; SVB Doubles Delegated Authority Lending Limit With Export-Import Bank of the U.S.
Company News | June 9, 2009
Effective immediately, Silicon Valley Bank has the delegated authority to approve up to $300 million, up from $150 million, to U.S. companies in need of financing to support their export sales. As an Ex-Im Bank Super-Delegated Authority Lender, Silicon Valley Bank can provide Ex-Im Bank-guaranteed financing on an expedited basis, speeding the process of securing bank financing for small businesses. In total, SVB's portfolio of Ex-Im Bank-guaranteed loans, through all programs, may reach $450 million.
"Silicon Valley Bank is one of the leading banks using Ex-Im's Working Capital Guarantee Program. This increased delegated authority enables SVB to help more small U.S. businesses enter the international marketplace," said Pam Bowers, Ex-Im Bank vice president, Business Credit Division.
One of only eight Ex-Im Bank Super Delegated Authority lenders in the U.S. and long a leader in the use of Ex-Im Bank's products, Silicon Valley Bank has been utilizing Ex-Im Bank-guaranteed loans for the past 19 years. Silicon Valley Bank won Ex-Im Bank's Small Business Bank of the Year award in 2005 and was one of the first banks to utilize its Delegated Authority Program when it was launched in 1994.
"Our dynamic client base of technology and life science innovators is delivering necessary products and services around the globe while creating jobs in the U.S. with the help of the Ex-Im Bank and SVB," said Mike Selfridge, Western division manager. "Our long standing relationship with Ex-Im Bank gives our clients opportunities for growth and global expansion they would not otherwise have. We're thrilled to be able to bring our clients the programs and financing that will help them succeed, particularly today when financing is even harder to find for small businesses."
About Ex-Im Bank
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2008, Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. Eighty-six percent of nearly 2,328 transactions directly benefited small-business exporters. For more information, visit www.exim.gov.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
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