CDA has a new resource for Connecticut businesses to help expand their reach and succeed in the international marketplace. With “Delegated Authority Lender” status from Ex-Im Bank, CDA will enable companies to fulfill export sales orders, turn export-related inventory and accounts receivable into cash, and expand their overall access to financing.
Ex-Im Bank is an export credit agency providing working capital guarantees, export credit insurance, direct loans and loan guarantees to support export sales of U.S. goods and services. In an increasingly global economy, financing is a critical component to international transactions, and CDA’s recent approval highlights the jobs supported by export sales. Connecticut’s exports totaled over $10.3 billioin through August 2010 and include aircraft; spacecraft; industrial machinery; computers; TV and sound equipment; optic, photo, medical or surgical instruments; and agricultural products.
As a Community Level Delegated Authority Lender, CDA has the authority to approve loans of up to $1 million per exporter. The benefits of this designation are significant, allowing CDA to expedite the loan process by committing the federal government guarantee without any prior approval from Ex-Im.
“CDA’s new service builds on our high level of finance expertise and provides more advantages to the state’s manufacturers, wholesalers, distributors and service companies as they compete internationally,” said CDA President Marie O’Brien.
“This City-State Partnership – Ex-Im Bank’s first in Connecticut – will give us the opportunity to provide many more Connecticut small businesses with the competitive financing tools they need to successfully compete in the global marketplace, and create Connecticut jobs,” said Diane Farrell, a Connecticut resident and member of Ex-Im Bank’s Board of Directors.
With the U.S. dollar currently at historic lows, Connecticut products are more competitive than ever to foreign buyers. This new program at CDA will be under the supervision of Mr. John Kearney, a recent addition to CDA’s lending team as Vice President and Loan Officer. Mr. Kearney’s experience includes over 25 years of international transactions, many with Ex-Im Bank and other federal agencies. “CDA remains committed to helping Connecticut businesses compete and prosper in the global economy,” said Kearney.
CDA has a proven track record of developing and providing creative financing solutions for Connecticut’s small- and medium-sized businesses. Their trade finance program is designed to encourage growth in our state’s exports by assisting Connecticut banks and businesses.
For more information on CDA, our programs or our recent partnership with Ex-Im Bank please visit www.ctcda.com, or give them a call at (860) 258-7800.
Senator Williams will be discussing the new legislation that helps streamline the environmental permitting process and cut red tape for economic development projects. He will also be talking about the programs available for small business financing. There will be an opportunity for the audience to ask questions and give input.
The cost per person is $15 and includes breakfast. The legislative breakfast will be at the Nathan Hale Inn & Conference Center in Storrs. To register please visit our website www.WindhamChamber.com or call the Chamber for addtional information at at 860.423.6389.rmation at at 860.423.6389.