AmTrade International Bank’s new team of lending officers is focused on developing ties to exporters of capital equipment to Latin America and other developing markets by making loans to their clients’ customers.
This is the business we are primarily focusing on, Michael P. Filchock, a former loan officer at the Export-Import Bank of the U.S. who joined AmTrade in July, told GlobalFax last week.
Mr. Filchock and Susanne E. Keough, former export manager for the Georgia Department of Industry, Trade and Tourism who joined AmTrade in April, are implementing the foreign buyer financing program.
According to Mr. Filchock, the program often is a superior financing alternative to letters of credit because it does not tie up the foreign buyer’s bank credit line. Nor does it result in the usual delays and costs of letters of credit issuance and negotiation, he added.
For short term financing, the bank offers terms of up to 180 days repayment while for medium term financing, the terms range from one to five years.
Pricing for short and medium-term financing is on a case-by-case basis. Generally, Mr. Filchock said, the pricing is based off the LIBOR or U.S. prime rate.
AmTrade’s total assets are approximately $150 million with loans outstanding of $100 million with typical transactions from $500,000 to $5 million.
For more information about the foreign buyer financing program, call (404) 898-1100, or send a fax to (404) 898-1110.