Application Procedure

1. Exporter obtain credit information on the Buyer to show its creditworthiness

 

U.S. Exporter or Foreign Buyer should contact Mittelstand Finance as soon as a potential deal is anticipated; Mittelstand Finance will specify the required credit information the Buyer should provide to meet Short-Term Credit Standards or Medium-Term Credit Standards for export finance backed by U.S. Ex-Im Bank. Exporters with established relationships with foreign buyers served by confirmed letters of credit or cash-in-advance should also contact Mittelstand Finance to arrange to switch to open account payment method that will enable them increase their sales and at the same time offer their customers better credit terms. The credit standards to be satisfied are determined by the amount of funding envisaged for the transaction.

 

2. Information processed for determination of reasonable assurance of repayment

 

The information submitted by the Buyer is processed for determination of reasonable assurance of repayment and the need for credit enhancements, such as repayment guarantees and security interests.

 

3. Mittelstand Finance submits application to Commercial Lender or Ex-Im Bank

 

Mittelstand Finance submits loan applications to one of the several commercial lenders that the company works with; and submits export credit insurance applications directly to Ex-Im Bank for final approval. Ex-Bank normally processes a complete application that meets all the credit standards, including performance criteria, within 20 business days after it is received. Processing time for a complete application that does not meet the standards is normally 30 business days.

 

4. Finance terms finalized and supply contract signed

 

The Buyer must pay all fees, cash down payment and premium once the terms of the finance offer have been finalized and the export supply contract is signed, before the loan is disbursed or the insurance cover commences.

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