WASHINGTON, April 13 /PRNewswire/ - Silicon Valley Bank, headquartered in Santa Clara, Calif., will receive the 2005 Small Business Bank of the Year Award from the Export-Import Bank of the United States (Ex-Im Bank) at Ex-Im Bank's 2005 annual conference in Washington, D.C., on Thursday, April 14.
Long a leader in the use of Ex-Im Bank's products, Silicon Valley Bank utilized nearly $100 million in Ex-Im Bank authorizations to provide financing for export transactions that supported over 1,500 U.S. small business jobs in fiscal year 2004. For this period, Silicon Valley Bank provided 35 Ex-Im Bank-guaranteed working capital facilities totaling $77.5 million, and an additional $20 million using its Ex-Im Bank letter of credit insurance policy. This year the bank already has provided 11 Ex-Im Bank-guaranteed working capital loans totaling $22 million, and an additional $20 million using the letter of credit insurance policy.
"The Ex-Im Bank program is central to the services we provide to our small-to-mid-size clients as they expand globally," said Larry Fountain, Silicon Valley Bank's head of Global Risk Management. "We're proud to be part of a program that directly impacts our ability to help them enter new markets around the world and ultimately create jobs in the U.S. Our core client base of technology and life science companies expand overseas early in their life cycles. By working closely with the Ex-Im Bank, we are able to offer much needed and hard-to-find financing to our clients at a critical stage in their business development."
"Silicon Valley Bank has taken an innovative and unique approach to backing small high-technology company exports by working closely with Ex-Im Bank," said Ex-Im Bank Chairman Philip Merrill. "Small business and technology exports are two of Ex-Im Bank's highest priorities, and we look forward to our continued partnership. This is a well-deserved award."
Silicon Valley's international expansion has happened along with that of its clients. Fully half of the 10,000 companies it supports are involved in international business.
Ex-Im Bank's 30th annual conference on April 14 and 15, will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 14 luncheon program which begins at 12:30 p.m.
About Ex-Im Bank
Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping finance 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 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. For more information, visit www.exim.gov.
About Silicon Valley Bank
Silicon Valley Bank is the primary subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB - News). Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life science and private equity markets, as well as the premium wine industry. Founded in 1983, the company serves clients around the world through 27 domestic offices and two international subsidiaries in the U.K. and India. More information on the company can be found at www.svb.com.