Washington Export Finance Training Program for Credit Unions and Community Banks Commences in January
December 19, 2012
On Tuesday, Jan. 8, 2013, Washington’s Export Finance Assistance Center (EFACW) will host the first of five full-day sessions designed to increase the number of credit unions and community banks engaged in export finance programs. According to organizers, credit unions that provide the trade finance line of business have the potential to gain new clients, retain existing clients and generate a significant new revenue stream.
“Even if a credit union is not planning on doing export/import financing having the knowledge and being able to facilitate the process is a service to members that adds value.” said Doug Kemper from Washington’s Export Financing Assistance Center.
18 community banks located in Washington are sending at least one representative that include CEOs, CFOs, credit/risk managers, and a number of business development specialists. They currently do not have a single credit union registered which may be due to the ommission of credit unions under eligible participants on the fact sheet or because of member business lending limitations.
The Jan. 8 session will provide an overview of export risks and tools for risk mitigation. The next session on Feb. 12 will provide an overview of how letters of credit work.
The trainings are being subsidized by the U.S. Small Business Administration’s (SBA) State Trade and Export Promotion (STEP) grant and will be held at the Union Square Boardroom, located at 600 University St. in Seattle. Each individual training costs $50, and advance registration for all five is available for the discounted price of $200.