Banc One International Launches Export Pilot in Northeast Ohio.CLEVELAND--(BUSINESS WIRE)--Nov. 10, 1997--Banc One International Corp. has chosen Northeast Ohio as the site of a pilot program aimed at making it easier for businesses to finance export sales. The international finance subsidiary of Banc One Corp. will conduct the pilot through March. Its objective: to close the export financing gap experienced primarily by small and emerging middle market firms, but also in the large corporate sector. "Small businesses in particular find it difficult to finance their export sales due to a general inability to use receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed or inventories for international sales as collateral," observed Darin Narayana Narayana (Sanskrit: नारायण; nārāyaṇa) or , Banc One International's chief executive officer. "While government-sponsored programs of this kind do exist, they have not been sufficiently marketed by financial institutions. "Based on our own research, Banc One International believes there is strong potential to deliver this type of export sales financing to a growing number of companies." The bank's pilot program will test the market attractiveness of pre-export lines of credit supported by both the U.S. Export-Import Bank Export-import Bank (Ex-IM Bank) The U.S. federal government agency that extends trade credits to U.S. companies to facilitate the financing of U.S. exports. and U.S. Small Business Administration. The centerpiece of the program is Bank One's new Business Export Loan, which extends lines of credit against export purchase orders, and offers loans of up to 70 percent and 90 percent, respectively, on a firm's export work-in-process inventory and foreign receivables. The lines of credit, backed by a 90 percent government guarantee, also enable exporters to post performance bonds utilizing just 25 percent of their borrowing capacity. "These government-backed loans should prove quite attractive," Narayana stated. "Loan amounts are quite flexible, ranging from $100,000 to $5 million. Documentation is simple, and the whole process is completed in no more than five days." Banc One International has hired Skip Warner, formerly of the U.S. Export-Import Bank, to develop and launch the program nationally. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Warner, Ohio has the largest number of businesses within the 12-state Banc One system likely to need a Business Export Loan. He added that Northeast Ohio was chosen as the pilot site due to the strength of its exporting community. "Export activity is growing rapidly across the U.S., with the current export growth rate now triple that of GDP GDP (guanosine diphosphate): see guanine. . This makes the market potential for the bank's new Business Export Loan quite strong," Warner said. "This is an excellent example of how the public and private sectors can work together to more efficiently reach the underserved small business exporting community," stated Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide J. Casselle, group vice president at the U.S. Export-Import Bank. "We applaud Banc One's initiative and welcome similar efforts by other lenders." "If you're you're Contraction of you are. you're you are you're be a small business owner, but not making the effort to explore export markets, you may be missing out on a world of opportunities," added Jim Donato Donato is the first name of several people:
abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government is here to support the needs of small business exporters. We will work with these exporters as well as the banking community to provide answers within 24 hours." With approximately 120 employees, Banc One International Corp. was established to serve the needs of the more than 15,000 companies located within Banc One's national franchise. It provides a wide array of international products and services, including export financing, treasury management, cross-border payment services, and foreign exchange. Banc One International Corp.'s parent company, Columbus-based BANC ONE CORP., had total assets of $113 billion and common equity of $9.9 billion at Sept. 30, 1997. BANC ONE currently operates approximately 1,200 banking centers in 12 states. Information about BANC ONE's financial results and its products and services can be accessed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at: http://www.bankone.com and through InvestQuest at http://www.investquest.com or Fax-on-demand: 614/844-3860. CONTACT: BANC ONE CORP. Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Neil Cotiaux, 216/348-6637 Global Trade & Treasury Gary Sladek, 216/781-4478 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion