The Export-Import Bank’s Global Credit Express program is designed to deliver short-term (6-12 month terms) working capital loans of up to $500,000 to small business exporters.
The Jacobs Law LLC can help your business through the process to apply for a Global Credit Express loan from the Export-Import Bank, including completing and reviewing the application, preparing and compiling necessary documents, ensuring that your business registration & operational documents (Articles of Organization / Incorporation, Partnership Agreement, Operating Agreement, Bylaws, etc.) are all properly drafted and currently effective, and to remove negative credit history items.
These Global Credit Express loans are an excellent growth opportunity for U.S. small businesses. They provide fixed rate financing at CIRR (Commercial Interest Reference Rate) + 2.6%, and the total loan amount is based on eligible export orders, proof of past export transactions and a ratio of net current assets. Collateral is either a first or second perfected security interest in the general assets of your company. A personal guarantee is required of any principal with at least a 20% ownership interest.
The loan approval process typically takes 5 business days for a properly completed loan application.
Eligibility for Global Credit Express loans includes the following:
1. Meet the Small Business Administration’s definition of a “small business” — See http://www.sba.gov/content/am-i-small-business-concern for the SBA’s small business criteria,
2. Have a minimum of three (3) years of revenue producing operations,
3. Have one (1) year of exporting experience,
4. Have an existing relationship with or have been solicited by an Originating Financial Institution participating in the Global Credit Express pilot program,
5. Have a favorable reference from the Originating Financial Institution or current bank of account,
6. Have no tax liens or judgments,
7. Export goods which are made in the U.S. and/or export a service which is performed by U.S.-based personnel,
8. Meet a minimum Fair Isaac small business credit score (FICO),
7. Pass a due diligence credit evaluation, and
8. Submit to and satisfactorily pass a background check of the company’s principal’s.
The Jacobs Law LLC can help you and your small business meet these eight (8) eligibility requirements in preparation for submitting an application for a Global Credit Express loan. Contact a Boston Business Attorney at The Jacobs Law today.