Synovus Bank Export Financing Solutions Through SBA INTERNAL USE ONLY

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1 Synovus Bank Export Financing Solutions Through SBA

2 South Carolina Export Activity For four consecutive years, South Carolina exports have increased. According to the U.S. Census Bureau, South Carolina companies exported nearly $31 billion in goods and services in 2015, representing an increase of 3.9% over the previous year. The top 3 countries of export based on 2015 dollar value were China, Germany and Canada. South Carolina imports also experienced an increase in 2015 with imports totaling nearly $39 billion in goods, an increase of 3.3% over June 19,

3 Export Process Step 1 Export Readiness Assessment: Company and Product Step 2 Selection of potential markets Step 3 Design entry strategies Step 4 Pricing strategy 3

4 Export Process Step 5 Methods of Payment & Financing Step 6 Logistics Step 7 International Business Plan 4

5 Key Questions for a Company Does your company sell products or services to foreign entities? An architectural firm that makes designs for China projects A company that sells airplane parts to foreign airlines A farm that sells pecans to China A company that sells baseball stadium equipment to Korea Does your company purchase any raw material or products from foreign suppliers and re exports to foreign countries? Does any of your domestic buyers re export your products? A company that imports store equipment from Germany and sells it to Home Depot and Wal-Mart in Canada A company that makes shoes in China and exports them to Great Britain and Canada If you export, is financing the sale sometimes an issue? For example, in many industries it s the norm to provide credit. However, how does the client evaluate credit and protects foreign account receivables? Can foreign A/R s be included in a Borrowing Base Certificate? Have you ever been asked to pay for products/services in a foreign currency or been requested to take payment for your products/services in a foreign currency? Synovus Bank International Division can provide solutions to the clients 5

6 1) How do I get paid? Exporters Questions 2) How can I reduce my payment risk? 3) Are there funds available to help me explore international markets? 4) How can I finance my export transactions? 5) How can I finance my business expansion?

7 International Methods of Payments: Their Impact on Financing Needs Buyer Risk Seller Risk Low Open Account Documentary Collection Letter of Credit High Low High Cash in Advance

8 International Methods of Payments: Their Impact on Financing Needs 1. Who sets the method of payment? 2. Competitive pressures, customer relations, regional preferences and, sometimes, regulations 3. Method of payment will determine the financing needed for a transaction

9 Financing Export Development & Orders Pre-Order Pre-shipment Shipment Post-Shipment PERFORMANCE RISK FINANCIAL RISK Trade Shows Production costs Receivables Certifications Material financing Translations Labor Product adjustments Packaging Buyer financing Bid Bonds Performance bonds

10 Small Business Definition Manufacturers (<500 employees generally; can go as high as 1,500); Wholesalers, including export trading companies (<100 employees); Services companies are eligible based on annual sales ($7.0 million to $35.5 million); Or applicant can use the Alternative Size Standard: a firm with less than an average of $5 million in net income for the past two years and a tangible net worth less than $15 million.

11 Indirect Exports Note: Both SBA and Exim Bank export loans can support indirect exports. Indirect exports occur when the borrower ships a product to another domestic company that in turn incorporates it into a final product for export or to an export trading company that exports it directly. Documentation must be provided by the exporter-of-record to the lender that the borrower s product is, in fact, being exported.

12 What Might an SME Exporter Need? Working Capital for Export Development: Attend trade shows Secure CE mark, international patent or trademark Meet potential business partners Vet potential buyers, agents or distributors and purchase foreign credit reports In-country promotions Translation of website/product literature and other marketing costs

13 Solution: SBA Export Express Profile: to $350,000 with 90% guaranty $500,000 with 75% guaranty Processed by SBA-approved Export Express lenders Working capital: 7 years Required: Entering or expanding in foreign market In business for at least 12 months (can be waived by lender if the applicant s key personnel have export expertise and successful business experience and lender does conventional underwriting, not relying on credit scoring)

14 Proceeds may be used for any export development activity, such as: Solution: SBA Export Express 1) export development including participation in a foreign trade show or translation services, 2) export transactions, including export purchase orders and foreign accounts receivables; 3) issuance of standby letters of credit that serve as performance bonds, completion bonds, and advance payment guarantees, and

15 What Might an Experienced Exporter Need? Term Loan for fixed assets: Machinery or equipment to expand production in order to meet foreign demand Retooling expenses necessary for metric production or to meet other standards Permanent working capital Real estate needed as a result of expanding export sales

16 International Trade Loan A loan guarantee for 90% of a term loan up to $5,000,000 To acquire, construct, renovate, modernize, improve, or expand facilities and equipment in the United States to produce goods or services involved in international trade. Eligible borrowers are in a position to expand existing export markets or develop new ones. May also be used by a U.S. company that has been adversely affected by import competition and require financing to modernize or improve operations to become more competitive. Maximum term: ten years for equipment; 25 years for real estate acquisition. May be used for on-shoring production, if also expanding exports

17 What Might an SME Exporter Need? Working Capital to Produce Export Orders: Inventory, materials, labor, other production costs Foreign accounts receivable insurance Insurance and freight costs Bank fees related to the transactions Standby-letters of credit to guarantee bid, performance, or advance payments

18 Solution: Export Working Capital Program - EWCP 90% guarantee on loans/lines of credit up to $5,000,000 For small businesses that can generate export sales and need additional working capital. Must be used for export transactions only, including 100% of exporter s costs of the transaction from purchase order to collections; can fund the entire transaction cycle Can be structured to fund: single or multiple transactions or as an asset-based line of credit with advances made against a borrowing base of export inventory and foreign accounts receivable.

19 Export Working Capital Program SBA: no US content requirement no prohibition on military sales only Small Business applicants Guaranty fee: ¼ of 1% on guaranteed amount, 12 months Exim Bank: 51% US content, no military sales, any size applicant

20 EWCP It s the Transaction Exporter s ability to perform is critical: Transaction evidenced by purchase order, L/C or signed contract is deal structured properly and can exporter perform? Site visit to evaluate performance capacity is required Assurance of payment upon performance is critical: Cash in Advance Letter of Credit may need confirmation based on country and bank Documentary Collections Open Account (credit insurance typically is required on open account sales) Open Account (no insurance)

21 EWCP Advance Rates & Collateral Advance Rates 1. 75% against inventory, WIP % against insured, foreign A/R 3. 90% against Letter of Credit Collateral Because these are self-liquidating loans, we look primarily at transactional collateral: 1. First lien on all assets being financed: - typically inventory, WIP and A/R 2. Assignment of proceeds under: documentary letters of credit credit insurance policies 3. Other assets as required by the lender 4. Personal guarantees of 20% or more owners

22 Bid & Performance Bonds; Advance Payment Guarantees Standby letters of credit issued by a commercial bank can serve as a performance or bid bond or as an advance payment guaranty. Funding support for Standby Letters of Credit can be provided by the following guaranty loan programs: Export Express Export Working Capital Guarantee EWCP (SBA) Working Capital Guarantee Program (Exim Bank) The guarantee serves as an incentive to the bank to issue the standby letter of credit with less than full, 100% cash collateral.

23 Export Working Capital Solutions 1. SBA Export Express to $500,000 Guaranteed loan 7 years maximum working capital 2. SBA s Export Working Capital to $5 million Exim Bank s Working Capital over $5 million Guaranteed loan, export transactions only Usually for 1 year, 3 year maximum

24 Contact SYNOVUS Government Guaranteed Lending Valerie Warga Global Trade Specialist c o OR Jacob Newcomb SBA Product Specialist c o

25 Contact SYNOVUS International Banking Director of International Banking c o

26 Contact SYNOVUS Commercial Banking Marcus Crosswell Commercial Banker O Vandy Hall Commercial Banker VandyHall@banknbsc.com o

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