KfW IPEX-Bank launches new financing product for small export transactions
Frankfurt am Main (ots) - Range of financing products broadened in particular for small and medium-sized enterprises
KfW IPEX-Bank will now also be able to offer long-term financing for small export transactions. For this purpose it will be using an instrument of Northstar Trade Finance which is being introduced into the German market for the first time. The corresponding cooperation agreement was signed in Frankfurt today.
A sufficient range of products is already available for large-volume export transactions, often in combination with export credit insurance. But sustainable financing schemes used to be largely unavailable for small export transactions. KfW IPEX-Bank has therefore made a great effort to find commercially viable solutions for the financing of exports by small and medium-sized enterprises (SMEs). It can now offer appropriate solutions in collaboration with Northstar Trade Finance, a company which has already been operating successfully in this business area. Through its subsidiary Northstar Europe it will be providing financing on behalf of KfW IPEX-Bank for European export transactions from a volume of EUR 0.5 million to EUR 5 million for terms of up to 5 years. Northstar Europe s.a. is a joint venture between Northstar Trade Finance inc., the Office du Ducroire (Luxembourg's public export credit agency) and SNCI (Luxembourg's promotional bank). The lean structure of this specialist provider and efficient processes tailored exactly to the needs of this financing market enable economically viable transactions in lesser volumes. The operations must be eligible for cover from an export credit agency/ECA (Euler Hermes for German exports) to qualify for financing.
Heinrich Heims, Speaker of the Board of Managing Directors of KfW IPEX-Bank, emphasised that the new financing instrument will provide relief particularly for small and medium-sized enterprises in a difficult phase. "We are closing a gap in our range of products", he said. "We will be providing an adequate supply of financing schemes for small tickets, and in this way we will be supporting especially the operations of small and medium-sized exporters. Particularly in the crisis, an instrument of this kind can prove to be a sales argument for German and European exporters that should not be underestimated."
The team of experts of KfW IPEX-Bank can be contacted at firstname.lastname@example.org for information on this new financing product.
About KfW IPEX-Bank GmbH
KfW IPEX-Bank is responsible for international investment, trade, project and export finance within KfW Bankengruppe. Its task of providing finance in the interest of the German and European economy is derived from the statutory mandate of KfW Bankengruppe. The focus of its business lies on the provision of medium and long-term financing to support key industrial sectors, on the development of economic and social infrastructure and on the financing of environmental and climate protection. It operates as a legally independent subsidiary of KfW Bankengruppe and makes a significant contribution to its promotional mission. It has approx. 490 employees (as of December 2009) and is represented in the main economic and financial centres around the globe.
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