DETROIT, March 13 /PRNewswire-FirstCall/ -- Comerica has been designated by the Export-Import Bank of the United States (Ex-Im Bank) as an approved lender for its new "Fast Track" export financing program. The program allows U.S. exporters of all sizes to obtain larger Ex-Im Bank-guaranteed working capital loans in less time.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
As one of only eight financial institutions nationwide to receive the "Fast Track" lender designation, Comerica can now commit up to $25 million per borrower for qualifying transactions, with Ex-Im Bank approval.
"We are very pleased to receive this designation from Ex-Im Bank," said Warren D. Shifferd, Jr., senior vice president and director of International Trade Services for Comerica. "This program allows us to provide our export clients with greater liquidity to accept new business and increase their export sales, helping them compete more effectively in the global marketplace."
The new "Fast-Track" lender designation supplements the existing "Super" Delegated Authority lender designation, which allows Comerica to commit up to $10 million per borrower, without pre-approval from Ex-Im Bank.
Since 2001, Comerica has consistently ranked among the top 10 Working Capital Guarantee Program lenders by Ex-Im Bank.
"We are in business to help our clients be successful," said Shifferd. "As the number of companies participating in cross-border trade increases and the need for financing grows, we continue to tailor our export financing solutions to meet our clients' requirements and help them achieve their goals."
Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping finance 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 2005, which ended September 30, 2005, Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports. For more information, visit http://www.exim.gov/ .
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica's approximately 10,800 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, California, Texas, Arizona and Florida, with select businesses operating in several other states, Canada and Mexico. Munder Capital Management and Comerica Securities are investment services affiliates. Comerica reported total assets of $53.0 billion at December 31, 2005. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Wayne Mielke (in Michigan), +1-313-222-4732, Barry Holtzclaw
(in California), +1-408-556-5111, or Sally Crocker (in Texas),
+1-214-969-6491, all of Comerica Bank
Web site: http://www.comerica.com/
http://www.exim.gov/
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