Ex-Im Bank Approves Increased Loan Guarantee For Over 200,000 Ford Motor Company Vehicles, Export Sales Top $8.5 Billion
June 7, 2012
(Ex-Im Bank)
WASHINGTON, D.C. – Ford Motor Company of Dearborn, Michigan was recently
approved by the Export-Import Bank of the United States (Ex-Im Bank) board of
directors for a working capital loan guarantee of $300 million. This represents
a $50 million increase compared to an existing $250 million guarantee which was
approved by the board in 2010 and will expire later this year. Given its
success, the new increased Loan Facility will support the Company's growing
sales in existing markets, as well as developing ones.
The new guarantee will support growing sales to buyers in Canada and Mexico
(markets covered by the existing guarantee), as well as global markets in Asia
and South America. This will support U.S. automobile manufacturing jobs and
indirectly jobs at Ford's suppliers for the export of over 200,000 vehicles
valued at $8.5 billion.
"Ford Motor Company experienced what we hope for all U.S. companies – success
overseas by expanding into new markets and increasing sales in existing ones,"
said Fred P. Hochberg, chairman and president of Ex-Im Bank. "This additional
export financing will not only support American jobs, but also the development
of emerging markets with high-quality, new automobiles."
"We are pleased to continue working with Ex-Im Bank," said Neil Schloss, vice
president and treasurer, Ford Motor Company. "This guarantee supports low-cost
financing for our exports from the U.S., which in turn supports jobs in the
U.S."
Models to be exported using the Ex-Im Bank loan guarantee include the E-Series
van, the Escape, Expedition, Explorer, and Navigator SUVs, the F-150 pickup, and
the Taurus car. These exports will be manufactured in plants located in Avon
Lake, Ohio; Chicago, Illinois; Dearborn, Michigan; Kansas City, Missouri; and
Louisville, Kentucky. The Private Export Funding Corporation (PEFCO) will
provide the funding for the revolving $300 million Loan Facility which will be
backed by Ex-Im Bank's guarantee.
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