South Carolina companies will have a greater edge in selling their products and services in foreign markets thanks to a new partnership between the South Carolina Department of Commerce and Export Financial Services, Inc. (EFS), which since 1996 has been the South Carolina City-State Partner of the Export – Import Bank of the United States (Ex-Im Bank).
Over the past five years, Ex-Im Bank has helped 41 South Carolina companies in 26 communities export $177.70 million in goods and services. Ex-Im Bank this year marks its 71st year of helping finance the sale of US exports, primarily to emerging markets throughout the world.
In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in US exports. This represented 3,128 transactions, of which 2,617, or over 80 percent, directly benefited small businesses.
“We are very pleased about the opportunities this new partnership will bring for South Carolina businesses of all sizes that want to break into or expand their presence in the international market,” said Clarke Thompson, Director of Commerce’s Export Development and Foreign Relations. “Exports are crucial to our state’s economy, and Ex-Im financing can really make a difference in a company’s ability to attract and hold onto overseas clients. This partnership will enable us to provide more coordinated services to help South Carolina companies maximize their potential as exporters.”
“South Carolina businesses have a great track record in the international marketplace,” said EFS President Wayne Trotter. “We’re excited by this opportunity to help South Carolina’s exporters become even more competitive in today’s increasingly global economy.”
Commerce has partnered with EFS, one of the only two private-sector City-State Partners of Ex-Im Bank, to better promote Ex-Im’s trade finance programs. The City/State Program is a national marketing initiative that brings export financing services to small- and medium-sized US companies through cooperation with state and local governments and private sector organizations. With this new public-private partnership, South Carolina companies can benefit from Commerce’s export marketing services as well as rely on EFS to secure competitively-priced export financing and credit risk insurance products as well.
EFS clients have the ability to offer financing at rates and/or terms which otherwise may be unavailable in the countries where their buyers reside. EFS’s short-term insurance products enhance the client’s protection against payment default and can help clients capture additional market share by offering access to financing. EFS works on a confidential basis with each client to tailor mitigation program specific to their individual needs.
You can find more information at www.exportfinancialservices.com.
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