PNC Bank is Named Ex-Im Bank's Small Business Lender of the Year
WASHINGTON, D.C. - PNC Bank, N.A., a member of the PNC Financial Services Group, Inc., headquartered in Pittsburgh, Penn., is to receive the 2008 Small Business Lender of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at Ex-Im Bank's annual conference in Washington, D.C., on Thursday, April 17.
PNC has been the most active lender under Ex-Im Bank's Working Capital Guarantee Program (WCGP) for three years running, extending more than $172 million through 32 guarantee facility transactions during fiscal year 2007 alone. Twenty-eight of those transactions were extended to small businesses.
PNC Bank is one of Ex-Im Bank's most important partners in providing small U.S. companies with the financing tools they need to grow their businesses and their workforces by exporting, said Ex-Im Bank Chairman and President James H. Lambright. We are delighted to recognize PNC's achievements by presenting them with our 2008 Small Business Lender of the Year Award.
PNC and the Export-Import Bank share a commitment to small and mid-size companies. Together, we have helped these companies to compete successfully in the international marketplace for 40 years. It's been a rewarding and valuable relationship, and we are honored by this recognition, said Terry Begley, head of corporate banking and structured finance at PNC.
As an Ex-Im Bank Super-Delegated Authority lender, PNC can authorize Ex-Im Bank-guaranteed loans of up to $10 million to any one borrower, in an aggregate amount not to exceed $150 million. PNC also has been approved for Ex-Im Bank Fast Track processing, which gives banks expedited approval for loans between $10 million and $25 million to any one borrower, in an aggregate amount not to exceed $300 million.
PNC also is a leader in Ex-Im Bank's medium-term insurance and guarantee programs; 75 percent of all PNC disbursements under these programs in 2007 were to small and medium-sized enterprises.
Ex-Im Bank's 33rd annual conference on April 17 and 18 will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 17 luncheon program which begins at 12:30 p.m.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide. The Bank authorized $3.4 billion in direct support of small businesses for the year. The 2,390 transactions in support of small business during 2007 represented 85.6 percent of all Ex-Im Bank transactions. For more information, visit www.exim.gov.