CNH FIRST EXPORTER TO PARTICIPATE IN NEW EX-IM BANK SMALL-BUSINESS PROGRAM
For more information please contact:
Communications (630) 887-3823
BURR RIDGE, IL - (September 15, 2010) - The Export-Import Bank of the United States (Ex-Im Bank) has announced a new facility under which U.S. suppliers to CNH America LLC, a subsidiary of CNH Global NV (CNH), can receive competitively-priced working capital financing. CNH is the first U.S. exporter to participate in Ex-Im Bank's Supply-Chain Finance Guarantee Program, which is designed to benefit small and medium-sized businesses.
Under the program, U.S.-based suppliers to CNH will have the opportunity to sell at a discount to Citibank their receivables due from CNH.
"Small businesses will obtain sizeable liquidity benefits from this program. This increased access to credit will also help companies like CNH further promote President Obama's goal of doubling exports over the next five years," commented Ex-Im Chairman and President Fred P. Hochberg.
"This program will provide our suppliers in the United States with the opportunity for increased cash flow to ensure their ongoing growth and financial health," said CNH President and CEO Harold Boyanovsky.
In February, CNH hosted Ex-Im Chairman Hochberg at its tractor plant in Racine, WI. The event showcased CNH's role as an important exporter. CNH exports over 25% of the machines it produces in the United States.
Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,600 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed at the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat S.p.A. (FIA.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com .