The Export-Import Bank of the U.S. Designates City National Bank as a "High Plus" Delegated Authority Lender.New Status Means Exporters Can More Easily Qualify for Larger Working Capital Loans LOS ANGELES -- Exporters in California who need working capital to fulfill overseas orders now can more easily qualify for larger export finance loans with lower fees with City National Bank, which recently was designated as a "High Plus" Delegated Authority lender by The Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. . Ex-Im Bank, the nation's official export credit agency Export Credit Agency An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance. , approved a new level of delegated authority designated as "High Plus," which allows qualified lenders to approve working capital loans up to $7.5 million per borrower and receive an Ex-Im Bank guarantee without its prior approval. City National's previous "High Level" designation allowed up to $5 million per borrower without prior Ex-Im Bank approval. "This is great news for exporters in California," said Tom Burr, City National Bank senior vice president and manager of the International department's Export Finance Group. "Our increased export finance activity, the expertise we've brought on board to run the program and the high level of skill in our Asset Based Lending department has helped Ex-Im Bank's growing confidence in our working capital program. That means small and mid-sized companies now have even more resources through City National to finance their export activities." Presently, Ex-Im Bank charges 1.5 percent of the loan amount for any Working Capital Guarantee Program (WCGP WCGP Working Capital Guarantee Program ) facility that is approved outside of a bank's delegated authority. Now, with the increased delegated authority, City National can approve a working capital line of credit up to $7.5 million without first gaining approval from Ex-Im Bank, and can negotiate a lower facility fee for its clients using the WCGP. About City National City National Corporation (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) is a financial services company with $14.6 billion in total assets. Its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is California's Premier Private and Business Bank[R]. City National provides banking, investment and trust services through 54 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . City National Bank's International Banking Services department serves businesses, professional firms, business managers and their clients, and entrepreneurs through a range of international banking services, including trade financing, currency management, foreign exchange, foreign credit information, online foreign exchange and online letters of credit. For more information about City National, visit the company's Website at cnb.com. |
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