EX-IM BANK HELPS CALIFORNIA SMALL BUSINESS SELL E-COMMERCE SOFTWARE TO INDIA
WinVision Inc., Santa Clara, CA, a small business provider of eServices, is selling $2.1 million of on-line procurement software technology to Eonour Technologies Limited, Chennai, India, backed by a $1.8 million medium-term guarantee from the Export-Import Bank of the United States (Ex-Im Bank). Eonour will use the technology to create specialized procurement software for its Southeast Asian clients to enable them to use the internet to upgrade their corporate purchasing systems. First International Bank NA, Hartford, CT, is the guaranteed lender on the transaction.
We are delighted to support U.S. small business exports of high technology products to the important India market, said D. Vanessa Weaver, member of Ex-Im Bank's Board of Directors. This type of transaction supports high technology jobs and economic growth in both countries.
Our global vision is to provide U.S. intellectual property to leverage the technology of India and other countries around the world, increase their import and export activities, and improve productivity worldwide, said Gary Iyer, chief executive officer of WinVision. Without Ex-Im Bank's guarantee, we would not have been able to do this transaction. This export sale could lead to further business from Eonour and other Indian buyers.
Founded in 1994, WinVision began looking for ways to enter the international market three years ago. The 35-employee company concluded that partnering with Eonour would leverage both of their strengths, with Eonour working on software development and WinVision providing marketing and other services in the United States and Europe.
Ex-Im Bank support was critical to doing this deal, said Thomas D. Kirby, First International Bank's business development manager for Asia. Kirby added that, with India's liberalizing of trade regulations, the India market offers tremendous potential to U.S. exporters.
In fiscal year 2001, Ex-Im Bank authorized $357 million in loans, guarantees and insurance in support of U.S. exports to India, ranging from foam cup manufacturing equipment to large commercial aircraft. Worldwide in FY2001, Ex-Im Bank authorized $1.65 billion in financing to support U.S. small business exports. Moreover, small business transactions comprised 90% of all Ex-Im Bank transactions.
Ex-Im Bank is an independent federal agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.