Ex-Im Bank Tops $1 Billion in Financing for American Business Aircraft and Helicopters
February 21, 2014
(Ex-Im Bank)
Bank Approves $300 Million for Export of Gulfstream Aircraft to China, Supports
2,100 U.S. jobs
Washington, D.C. – Today the Export-Import Bank of the United States (Ex-Im
Bank) announced it has topped $1 billion in support of American-made
business-aircraft and helicopter financings since the beginning of FY 2012.
In a deal that drove recent business-aircraft and helicopter financings over the
$1 billion mark and supported approximately 2,100 American jobs, the Bank’s
board approved a guarantee of a $300 million loan extended by Apple Bank for
Savings to Minsheng Financial Leasing Company Ltd. of Tianjin, China, last
December to finance the purchase of eight aircraft manufactured by Gulfstream
Aerospace Corporation of Savannah, Ga.
“Business aircraft is a great example of a homegrown American industry that is
creating jobs in communities across the country, thanks to support from the
Export-Import Bank,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
“Despite an increase in the number of foreign competitors, America’s business
jet manufacturers continue to demonstrate the advantages of manufacturing high
technology, high-quality products in the USA. Our loan guarantee, which pushes
us over the $1 billion threshold for business-aircraft and helicopter financings
months before our in-house deadline, will boost the export of eight of these
state-of-the-art, American-made business jets to China and bolster U.S. jobs in
Georgia. It is great to see that even in this competitive global marketplace,
the Chinese continue to buy American.”
At the European Business Convention and Exhibition in May 2012, Chairman
Hochberg announced that Ex-Im Bank would provide support for at least $1 billion
in business-aircraft and helicopter financings by the end of 2014. Ex-Im Bank
met the goal well in advance.
Founded in 2008, Minsheng currently ranks as Asia’s largest business-jet leasing
firm. The company was advised by Airfinance Leasing LLC, an Ex-Im Bank Qualified
Advisor, and plans to lease the Gulfstream aircraft to various end users. The
purchase of the four G450s and four G550s occurred in early 2013.
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics,
designs, develops, manufactures, markets, services and supports the world’s most
technologically advanced business-jet aircraft. Gulfstream has produced more
than 2,200 aircraft for customers around the world since 1958.
“Gulfstream’s presence around the world has dramatically increased over the past
10 years,” said Larry Flynn, President of Gulfstream Aerospace. “In 2008, we had
10 Gulfstream aircraft based in China. Today, this number has grown to more than
80 aircraft. The support that Gulfstream receives from Ex-Im Bank allows us to
be more competitive around the world and has enabled us to grow the number of
employees in the U.S.”
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.