Export Working Capital Guarantee Program
This program helps small- and medium-sized businesses that have exporting potential but that need funds to acquire inventory and finance work-in-process in order to sell U.S. goods and services to foreign customers.
CIT Commercial Services has been named a Delegated Authority for the Export Working Capital Guarantee Program by the Export-Import Bank of the United States.
Lack of working capital financing is one of the biggest barriers U.S. companies face when trying to sell overseas. Despite their creditworthiness, exporters often find lenders reluctant to make working capital loans available to them. CIT provides this program to meet your export finance needs.
Exporter Eligibility Requirements
- Corporations, limited liability companies, partnerships, or sole proprietorships domiciled in the U.S.
- Must have one year of operating history and positive net worth
- Financial statements must show sufficient strength to accommodate the requested loan
Term of Loan
One year with renewal options
Types of Loans
- Transaction specific: Loan supporting a single export transaction
- Revolving: Loan supporting multiple exports
Loan Amount
$250,000 to $20 million
Loan Use
- Purchase raw materials, inventory and finished products for export
- Payment for labor and overhead to produce goods and/or provide services for export
- Support bid and performance standby letters of credit
Restrictions
- Export must be at least 50% U.S. content
- No military and defense items
Advance Rate
- Up to 90% against foreign accounts receivable
- Up to 75% against exportable inventory
Collateral
- Export-related inventory
- Export-related accounts receivable
- Other assets