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Xiomara Creque-Bromberg Follows Up on Her July 12 WEGGinar™

On our July 12th WEGGinar™, “How to Finance Your Exports,” we ran out of time and had a couple of remaining questions that we didn’t have a chance to address.  Below, Xiomara Creque-Bromberg, Export Finance Manager, Minority and Women Owned Business & Multiplier Outreach Division, Office of Small Business, Export-Import Bank of the United States, answers those questions.

Laurel Delaney:  On receivable insurance, please detail how a business owner arrives at their premium on an export transaction. You had mentioned during your WEGGinar™ an example of a $30,000 sale; 65¢ per $100 for insurance; and, that the premium would be $195.00. Please drill down and make it very clear on how this works and nets out, thank you.

Xiomara Creque-Bromberg:  The example used is the Express Insurance which is applicable to the most typical export credit transaction term (60 days) and for private buyer new exporters.  The Premium is calculated based on the rate applicable to the policy, having said that; let’s use one example for Mexico.

Express Insurance policy to cover a private buyer in Mexico under a 60 days open account terms.

Export Sale:                                                     $30,000.00
Premium Rate $0.65 per $100.00 of the total export value 
Export Sale                                                      $30,000.00
                                                                                .0065
Premium Payable upon shipment                          $195.00

NO SHIPMENT NO PREMIUM PAYMENT

Laurel Delaney:  Exim Bank has no minimum/no maximum dollar amount on deals. Having said that, what if I have a U.S. $5,000 transaction that I want financed, is that doable and if so, what paperwork would I complete; what would my fee be; and, what am I guaranteed? Are there any product/country restrictions that I should be aware of?

Xiomara Creque-Bromberg:  Yes that’s doable. Submit an application on Exim on Line (EOL). There is no application fee for Express Insurance. On a $5,000.00 transaction for example:

Express Insurance policy to cover a private buyer in Mexico under a 60 days open account terms.

Export Sale:                                                     $5,000.00
Premium Rate $0.65 per $100.00 of the total export value
Export Sale                                                      $5,000.00
                                                                              .0065
Premium Payable upon shipment                        $ 32.50

NO SHIPMENT NO PREMIUM PAYMENT

A one-time, refundable advance deposit of $500.00 is required before issuing the policy. On EXIM’s website www.exim.gov you will find the Country Limitation Schedule which will inform you what countries EXIM will provide support and the terms.

If the transaction is for working capital, please see the segment on pre-exporting financing below.

Laurel Delaney:  You mentioned during your talk that SME exporters are 70% more profitable than non-exporting companies. Why?

Xiomara Creque-Bromberg:  Exporting allows companies to diversify their customer base. Over 95% of the world’s consumers are outside the U. S.

Companies who are not exporting are losing buyers/customers if they are not marketing /tapping into that consumer base. Export Credit Insurance provides access to those consumers at no cost.  See www.export.gov trade.gov/cs/factsheet.asp, “Exporting Is Good For Your Bottom Line.”

Laurel Delaney:  On pre-exporting financing, funds to fulfill orders scenario, how does Exim Bank evaluate whether they will finance a deal or not?

Xiomara Creque-Bromberg:  Working Capital is evaluated based on the creditworthiness of the U.S. exporter who is in need of funds to full field an order. There is no minimum or maximum amount. You would apply for a Working Capital loan with a commercial lender that has an agreement with EXIM, to who we provide the guarantee. The lender will inform you of the required forms and fees. There are product restrictions, i.e. EXIM will not support transactions selling to a foreign country’s military; U.S. content of the product must be at least 50%. On EXIM’s website www.exim.gov you will find the Country Limitation Schedule which will inform you what countries EXIM will provide support and the terms.

Laurel Delaney:  You support service exports. How does that work? For example, if I run a design agency and provide $10,000 of work over 3 months to a customer in the UK, how would Exim Bank work with me to finance that transaction?

Xiomara Creque-Bromberg:  There are a number of different insurance policy types to protect you from buyer non-payment. Policies for services are reviewed on a case-by-case basis. However the basic requirements is that personnel providing the services must be a U.S. citizen employed by the U.S. exporter and a foreign company must be invoiced.

Laurel Delaney:  What’s the biggest stumbling block to SMEs not getting export financing?

Xiomara Creque-Bromberg:  My experience has been companies that have not been established long enough to provide a positive track record/sales history. I have also found that companies may not do a good job vetting the foreign buyer.

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Note: Don’t miss our next WEGGinar™ 9/6/17 on “How to Win the Trade Game With Export Finance,” and presented by Jeff Deiss, Regional Export Finance Manager, Northern California | International Trade Finance Manager-Western US US Small Business Administration – Office of International Trade | US Export Assistance Center (www.sba.gov/international).  Register here: https://register.gotowebinar.com/register/4753604763900421122.
Event is free of charge but you must register in advance to attend.
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Business Women of India, Their Perseverance is Priceless

Note: Don’t miss our next WEGGinar™ 9/6/17 on “How to Win the Trade Game With Export Finance,” and presented by Jeff Deiss, Regional Export Finance Manager, Northern California | International Trade Finance Manager-Western US US Small Business Administration – Office of International Trade | US Export Assistance Center (www.sba.gov/international).  Register here: https://register.gotowebinar.com/register/4753604763900421122.
Event is free of charge but you must register in advance to attend.
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Global Businesswomen Succeed in Breaking Obstacles of Discrimination

Many women have succeeded in breaking the obstacles of discrimination to become what they are today with the help of their positive attitude, undying spirit, smarts, and perseverance.  Yet, every entrepreneur has a very different outlook on entrepreneurship.

From India’s best women entrepreneurs such as Kiran Majumdar, Chairperson and Managing Director of Biocon Limited to CEOs like Indra Nooyi (pictured) of Pepsico, women have forayed into almost every field to work shoulder to shoulder with men, setting new benchmarks in their respective streams.

Take Indra Nooyi’s quote:

“Most companies target women as end users, but few are effectively utilizing female employees when it comes to innovating for female consumers. When women are empowered in the design and innovation process, the likelihood of success in the marketplace improves by 144%!” — Chairman and CEO, Indra Nooyi, Pepsico

Entrepreneur India lists nine famous quotes from India women entrepreneurs.  These are worth a read for a healthy dose of inspiration.

Read more …

Note:  The latest on Indra Nooyi.

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Note: Don’t miss our next WEGGinar™ 9/6/17 on “How to Win the Trade Game With Export Finance,” and presented by Jeff Deiss, Regional Export Finance Manager, Northern California | International Trade Finance Manager-Western US US Small Business Administration – Office of International Trade | US Export Assistance Center (www.sba.gov/international).  Register here: https://register.gotowebinar.com/register/4753604763900421122.
Event is free of charge but you must register in advance to attend.
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Claudia Mirza: A Passion for the Translation Industry

Akorbi’s CEO, Claudia Mirza, speaks on behalf of her company, the services offered and her passion for the translation industry.

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Note: Don’t miss our next WEGGinar™ 8/2/17 on “How Two Savvy Moms Started a Bed Business and Took It Global,” and presented by Betsy Mikesell, CEO, and Angie White, CFO, of Beddy’s (www.beddys.com).  Register here: https://register.gotowebinar.com/register/1512287365281961985.
Event is free of charge but you must register in advance to attend.
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Hear Winning SME Pitches on Going Global!

Our friends over at Chicago-based Metro Chicago Exports have their big event coming up just around the corner:  Tuesday, July 25th from 2:00-6:00 p.m. Central time at Chase Tower in Chicago.

Metro Chicago Exports and UPS are pleased to present the 2017 Metro Chicago XPORT Challenge! 10 finalists, representing small and medium-sized companies throughout the region, will pitch to a panel of judges on their plans for going global and win one of three grand prizes. Attendees will hear from our finalists, and enjoy food, drinks, and networking at the top of Chase Tower.

To learn more, to register, and to network like crazy (best of all:  it’s FREE!), visit:  https://www.eventbrite.com/e/2017-metro-chicago-xport-challenge-registration-35799564461

Our WEGG sponsor UPS, also supports and works closely on the 2017 Metro Chicago XPORT Challenge!

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Note: Don’t miss our next WEGGinar™ 8/2/17 on “How Two Savvy Moms Started a Bed Business and Took It Global,” and presented by Betsy Mikesell, CEO, and Angie White, CFO, of Beddy’s (www.beddys.com).  Register here: https://register.gotowebinar.com/register/1512287365281961985.
Event is free of charge but you must register in advance to attend.
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Yes to India on Supporting Women-Owned Businesses

India-based Yes Bank (private sector) has received $150 million funding from the US government and Wells Fargo to increase lending to support women entrepreneurs and small and medium-sized enterprises in India.

This is the third round of funding to the bank as part of arrangement with the Overseas Private Investment Corporation (OPIC) – the US government development finance institution – and Wells Fargo.

An estimated three million women-owned businesses in India employ over eight million people. However, only about a quarter of them are able to get the finance they need to grow and create jobs.

Hopefully, this will drive future economic growth and job creation in India for women entrepreneurs.

Read more …

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Note: Don’t miss our next WEGGinar™ 8/2/17 on “How Two Savvy Moms Started a Bed Business and Took It Global,” and presented by Betsy Mikesell, CEO, and Angie White, CFO, of Beddy’s (www.beddys.com).  Register here: https://register.gotowebinar.com/register/1512287365281961985.
Event is free of charge but you must register in advance to attend.
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Female Entrepreneurs Are About to Transform the Global Economy

The World Bank (WB) unveiled a new program, the Women Entrepreneurs Finance Initiative, that is designed to boost women entrepreneurs in developing countries and fight the norms that hold them back, such as uneven access to loans and shaky property rights.  WB has raised $325 million from numerous countries, with $50 million coming from the United States and other contributions from Germany, Saudi Arabia, the United Arab Emirates, Japan, China, the United Kingdom, South Korea, and the Netherlands.

Less than a third of global businesses are owned by women, and the initiative aims to grow women-run enterprises across Africa, Latin America and the Middle East. It will also help facilitate loans to entrepreneurs, ranging in size from between a few hundred dollars to several hundred thousand dollars, depending on the applicant’s needs. World Bank officials said they hope to make the capital available later this year or in early 2018.

We cheer on the WB because it has a long history of providing support to women who are challenged by economic disadvantages.  For example, they launched the Women’s Leadership in Small and Medium Enterprises (WLSME) program, supported by the U.S. Agency for International Development (USAID).

Read more about how the WB will help women globally to reach their full potential here.

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Note: Don’t miss our next WEGGinar™ 7/12/17 on “How to Finance Your Exports,” and presented by Xiomara Creque-Bromberg, Export Finance Manager, Minority and Women Owned Business & Multiplier Outreach Division, Office of Small Business, Export-Import Bank of the United States.  Register here: https://register.gotowebinar.com/register/4467897765873413377.
Event is no charge but you must register in advance to attend.
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Helping Young Girls, Women Entrepreneurs, and Business Owners Take on the World

At WEGG, we are all about educating women entrepreneurs and business owners on how to go global but we also are fearless in helping young girls become strong and take on the world too.

We believe that it is at a young age when girls develop confidence and the ability, through encouragement, to speak up and demand what she wants in life.

We are a strong proponent of encouraging young girls to take risks — push boundaries, color outside the box, rock the boat — early on, so they can get comfortable with the possibility of failing, recovering fast, and not being perfect at everything.

These characteristics toughen a young girl and give her the confidence she needs to start a business, go places, shake things up a bit, and take on the world.

Read more …

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Note: Don’t miss our next WEGGinar™ 7/12/17 on “How to Finance Your Exports,” and presented by Xiomara Creque-Bromberg, Export Finance Manager, Minority and Women Owned Business & Multiplier Outreach Division, Office of Small Business, Export-Import Bank of the United States.  Register here: https://register.gotowebinar.com/register/4467897765873413377.
Event is no charge but you must register in advance to attend.
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WEGG Mission

Our mission is to educate women business owners and entrepreneurs worldwide on how to go global so they can run healthier businesses and create a new future for themselves, their families and their community.

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