(Amesbury, MA, June 24, 2019) – Chuck Withee, President and Chief Lending Officer at The Provident Bank, was pleased to host the Export-Import Bank of the United States (EXIM) at Provident’s Executive Roundtable discussion in Boston, MA on June 19th. Provident has been a delegated authority lender for EXIM since 2015 and was just awarded the President’s “E” Award by the U.S. Department of Commerce for its contribution in expanding U.S. exports.
“It was an honor to have EXIM join us in Boston to discuss important topics affecting exporting businesses,” comments Withee. “As a commercial bank with a specialty in export financing, it is important to us that we offer our small and medium-sized business customers the resources they need to support their export operations. EXIM staff offered critical information to our customers during our executive roundtable discussion.
This event came on the heels of the restoration of EXIM Bank’s board of directors. On May 8th, the U.S. Senate confirmed three new members to EXIM Bank’s board of directors through overwhelmingly bipartisan votes. The Senate’s action restored the quorum on EXIM’s board, thereby enabling the board to consider for authorization applications requesting EXIM financing of more than $10 million, which is typically needed to support larger transactions that require longer repayment terms.
“The availability of government-backed financing through EXIM makes U.S. exporters more competitive in the global marketplace. The restoration of EXIM’s board is great news for U.S. exporters and also for lenders such as The Provident Bank to be able to support U.S. businesses that need export lending solutions on a larger scale,” Withee added.
The roundtable focused on exporting to support infrastructure, including the medical sector; using renewable energy financing to reach new overseas markets; and using buyer financing of both equipment and services as a sales tool.
The EXIM staff who spoke at the roundtable discussion were Brad Mitchell, Business Development and Loan Officer, Industrial Finance; Douglas Frye, Senior Loan Officer, Global Infrastructure; and Craig O’Conner, Renewable Energy and Environmental Exports officer.
The Provident Bank’s export services include the ability to execute international wire transfers and foreign exchange transactions, provide export working capital lines of credit and arrange financing to overseas buyers to help them purchase U.S. products and services. All of this enables clients to secure the financing they need for successful exporting.
In 2018, U.S. exports were the highest on record with U.S. services at $821.1 billion and U.S. exports of goods reaching $1.7 trillion, demonstrating how American private enterprise can not only survive, but thrive, in the international market.
About The Provident
The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
About Export Import Bank of the United States
The Export-Import Bank of the United States (EXIM) is the official export credit agency of the United States. EXIM is an independent Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services.
To learn more about the Export-Import Bank of the United States, visit: https://www.exim.gov