Ford Motor Co. will receive the Deal of the Year award from the Export-Import Bank of the United States this week at the Bank’s 36th Annual Conference.
The Export-Import Bank cited Ford for the company’s use of a $250 million Ex-Im Bank-guaranteed working capital line of credit to finance the sale of 200,000 vehicles, valued at $3.1 billion, to buyers in Canada and Mexico.
“Ex-Im Bank’s line of credit will enable Ford and hundreds of its small business suppliers to support thousands of high-paying American jobs, and maintain competitiveness in global markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
Prior to this transaction with Ex-Im Bank, Ford had not financed its short term exports from the U.S. to Canada and Mexico. By utilizing its vehicles as collateral, Ford now is making strategic use of Ex-Im Bank’s formula-based working capital line of credit.
“We are absolutely committed to using our U.S. manufacturing plants as a vibrant and growing source of exports around world,” said Ford Credit CFO Mike Seneski.