Ex-Im Bank Tops $1 Billion in Financing for American Business Aircraft and Helicopters
February 21, 2014
(Ex-Im Bank)
Bank Approves $300 Million for Export of
Gulfstream Aircraft to China, Supports 2,100
U.S. jobs
Washington, D.C. – Today the Export-Import Bank
of the United States (Ex-Im Bank) announced it
has topped $1 billion in support of
American-made business-aircraft and helicopter
financings since the beginning of FY 2012.
In a deal that drove recent business-aircraft
and helicopter financings over the $1 billion
mark and supported approximately 2,100 American
jobs, the Bank’s board approved a guarantee of
a $300 million loan extended by Apple Bank for
Savings to Minsheng Financial Leasing Company
Ltd. of Tianjin, China, last December to
finance the purchase of eight aircraft
manufactured by Gulfstream Aerospace
Corporation of Savannah, Ga.
“Business aircraft is a great example of a
homegrown American industry that is creating
jobs in communities across the country, thanks
to support from the Export-Import Bank,” said
Ex-Im Bank Chairman and President Fred P.
Hochberg. “Despite an increase in the number of
foreign competitors, America’s business jet
manufacturers continue to demonstrate the
advantages of manufacturing high technology,
high-quality products in the USA. Our loan
guarantee, which pushes us over the $1 billion
threshold for business-aircraft and helicopter
financings months before our in-house deadline,
will boost the export of eight of these
state-of-the-art, American-made business jets
to China and bolster U.S. jobs in Georgia. It
is great to see that even in this competitive
global marketplace, the Chinese continue to buy
American.”
At the European Business Convention and
Exhibition in May 2012, Chairman Hochberg
announced that Ex-Im Bank would provide support
for at least $1 billion in business-aircraft
and helicopter financings by the end of 2014.
Ex-Im Bank met the goal well in advance.
Founded in 2008, Minsheng currently ranks as
Asia’s largest business-jet leasing firm. The
company was advised by Airfinance Leasing LLC,
an Ex-Im Bank Qualified Advisor, and plans to
lease the Gulfstream aircraft to various end
users. The purchase of the four G450s and four
G550s occurred in early 2013.
Gulfstream Aerospace Corporation, a wholly
owned subsidiary of General Dynamics, designs,
develops, manufactures, markets, services and
supports the world’s most technologically
advanced business-jet aircraft. Gulfstream has
produced more than 2,200 aircraft for customers
around the world since 1958.
“Gulfstream’s presence around the world has
dramatically increased over the past 10 years,”
said Larry Flynn, President of Gulfstream
Aerospace. “In 2008, we had 10 Gulfstream
aircraft based in China. Today, this number has
grown to more than 80 aircraft. The support
that Gulfstream receives from Ex-Im Bank allows
us to be more competitive around the world and
has enabled us to grow the number of employees
in the U.S.”
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