The Export-Import Bank of the United States (Exim) approved a $97.2 million working capital guarantee for Embraer's business jet manufacturing facility in Melbourne, Florida, that will support $211.4 million in export sales. Yesterday's approval involves a 90 percent guarantee of a one-year, revolving working capital loan from Apple Bank for Savings.
This guarantee will help support 800 jobs that are primarily in Florida, along with related supply chain jobs. Exim cited jobs in states including Arizona, Connecticut, Georgia, Tennessee, and Texas that could further benefit from the loan backing for the Brazilian-headquartered airframer.
“With [the] unanimous board action supporting 800 jobs, many of which are in Florida, Exim proudly reaffirms our dedication to American businesses and workers in overcoming the economic challenges posed by the unprecedented global pandemic,” said Exim president and chairman Kimberly Reed.
Exim added the support was designed to help meet capital needs in light of pandemic-related restrictions and closures that have prevented aircraft deliveries to customers abroad. In addition, loan backing is particularly needed given the constraints on commercial lending capacity, the bank said.
The Embraer transaction is the first use of Exim’s Working Capital Guarantee Program by Apple Bank, a long-time lender of Exim-guaranteed loans to foreign buyers of U.S.-made commercial aircraft and other exports. Exim “Qualified Advisor” AirFinance Leasing participated in the approval, as well.