California-based Silicon Valley Bank (SVB) has been authorised by the Export-Import Bank of the US (Ex-Im Bank) to increase its delegated lending limit for the Working Capital Guarantee Program. Currently, SVB is providing 41 Ex-Im Bank-guaranteed working capital facilities totaling $146 million, and supporting more than 3,000 US small business jobs.
Effective immediately, SVB has the delegated authority to approve up to $300 million, up from $150 million, to US 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.
Ex-Im Bank is the official export-credit agency of the US. The independent, self-sustaining federal agency helps create and maintain US jobs by financing the sale of US exports and providing loan guarantees, export-credit insurance and direct loans.
SVB is the commercial banking operation of SVB Financial Group. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide.
