EXIM cites The Provident as an active user of EXIM and was granted a “delegated authority” under the working capital guarantee program.
May 2, 2017 – The Export-Import Bank of the United States (EXIM Bank) has announced its award winners for FY 2016 and named The Provident Bank as the Community Lender of the Year. The Provident was only one of five businesses in the United States and the only banking institution to be recognized by EXIM and receive an award.
In its recognition, EXIM cited The Provident as an active user of EXIM Bank’s working capital guarantee program, short term insurance, and recently signed master guarantee agreement for the medium term program. EXIM also noted that The Provident was granted “delegated authority” under the working capital guarantee program in 2015 at the “Community” level, which empowers The Provident to approve up to $1 million for each facility and up to $10 million in total facilities.
Chuck Withee, president of The Provident and who also serves on the Export-Import Bank’s advisory board, was on-hand to receive the award. “We are proud and honored to be working in partnership with EXIM to help American companies expand their growth and opportunities into secondary markets. By providing them the right guidance and financial expertise, we have assisted many of our clients with finding pathways to success,” stated Withee.
EXIM also noted that The Provident had hosted a successful international financing event at the University of New Hampshire that drew 288 small and medium-sized businesses to build awareness surrounding EXIM products.
Mike Boyle of Boyle Energy Services, who works with The Provident in the Export-Import arena offered this statement regarding the award, “when you do business overseas, your receivables are discounted to zero because there is no guaranteed collateral, which makes it difficult to borrow money at traditional banks. The Provident has the ability to make loans through its relationship with the Export-Import Bank, which assumes credit and country risks the private sector is not able to accept.”
In addition to The Provident’s certification by the Export-Import Bank of the United States the bank also offers its customers the ability to move money from overseas sales using its SWIFT code.
About The Provident
The Provident is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
About EXIM Bank
EXIM is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost 90 percent of its transactions directly serve American small businesses.
In fiscal year 2016, EXIM approved $5 billion in total authorizations to support an estimated $8 billion in U.S. export sales. Since 2009, EXIM has supported more than 1.4 million American jobs in communities across the country and sent $3.8 billion of surplus to the U.S. Treasury for deficit reduction.
Small business exporters can learn about how EXIM products can empower them to increase foreign sales by clicking here. For more information about EXIM, visit www.exim.gov.