going global: export best practices a webinar presentation april 5, 2011; 2-4 pm est
TRANSCRIPT
Going Global: Export Best Practices
A Webinar Presentation
April 5, 2011; 2-4 pm EST
AgendaGreetings Kelly Scanlon, Chairman, NAWBO National
Webinar Moderator Deborah Stallings, NAWBO National Board
International Trade Joseph Babinski, Counselor/Int’l Consultant, SCORE
Exporting Janee Pierre-Louis, Commercial Officer, Baltimore US Export Assistance Center
Banking, Credit, Payments Michael Filchock, Director, Global Trade Solutions, SunTrust Bank
SBA Export Loan Guarantee Michael Jackson, District Int’l Trade Officer, Programs SBA Baltimore District
General Questions & Answers All Panelists
Wrap Up/Closing Deborah Stallings
Joseph BabinskiCounselor – International Trade Consultant, SCORE
•40+ year seasoned executive with expertise in both line and staff management disciplines
•President, CAPAC International, Ltd. – international trading/consulting firm•Formerly an executive with The Becker Group, Tapley-Rutter, Arotek
Industries, F.W. Buendgens, and Honeywell International•Well versed in all aspects of managing and improving the profit position of a
business enterprise•Extensive international experience including all phases of import/export
activities and international business management consulting•Earned Bachelor of Science and MBA degrees, Rutgers University•Certified Financial Planner degree, College for Financial Planning•Adjunct Faculty, Towson University; City University in Slovakia
INTERNATIONAL TRADE
INTERNATIONAL TRADE
• Understand The Various Marketplaces
• Evaluate Your Product’s Performance – Quality– Environment– Culture
INTERNATIONAL TRADE
• Learn How Business Is Conducted In Foreign Markets
• Investigate Local Regulations and Customs– The Need For Local Representation– Problems That May Be Encountered
INTERNATIONAL TRADE• Consider The Financial Ramifications On Your
Current Operations
• Pricing Your Product In The international Marketplace– Expands Volume Reducing Overhead Distribution– Fully Absorbed costing Versus Incremental– Maintain A Balanced Operation And Workforce
INTERNATIONAL TRADE
• Develop An International Mentality
• Recognize The Cultural Aspects Of International Trade
– It Is Now A “Flat World”– Technology Allows Dealing Anywhere– Must Lose The “Monoculture” Thinking– Become Aware Of The Needs And Wants Of Various Cultures And Be
Prepared To Meet Them
Janee Pierre-LouisCommercial Officer,Baltimore US Export Assistance Center
•Expert at assisting U.S. exporters pursuing overseas business opportunities in information technology, processed foods, architecture, construction, and engineering services.•International specialist since 2002 – U.S. Department of Commerce•Spent several years working in the private sector in Taipei and Washington, D.C.•Earned BA, International Business, Washington University; and a MS from Georgetown University’s School of Foreign Service
The World is Open for Your Business.
Let the U.S. Commercial Service – Baltimore connect you to a
world of opportunity.
• Why Export?
• What is the Commercial Service?
• How Do We Assist U.S. Companies?
– Identifying Markets & Determining Sales Potential
– Assessing Export Readiness
– Implementing an Export Plan
– Ensuring a Level Playing Field
• Export Resources & National Export Initiative
Overview
Why Export?
95 Percent of the World’s Consumer’s Live Outside the United States
What is the U.S. Commercial Service?
With offices throughout the United States and in U.S. Embassies and
consulates in nearly 80 countries, the U.S. Commercial Service of the
U.S. Department of Commerce’s International Trade Administration
utilizes its global network of trade professionals to connect
U.S. companies with international buyers worldwide.
Our Global Network of Trade Professionals Opens Doors that No One Else Can.
The U.S. Commercial Service provides U.S. companies unparalleled access to business opportunities around the world.
As a U.S. Government agency, we have relationships with foreign government and business leaders in every key global market.
Our trade professionals provide expertise across most major industry sectors.
Every year, we help thousands of U.S. companies export goods and services worth billions of dollars.
Our experienced trade professionals help you enter international markets in the most efficient, targeted way. We assess your export potential, understand your needs, and provide the right mix of U.S. Commercial Service capabilities to achieve your exporting goals.
We Work with You to Connect Your Company with the Right Opportunities Abroad.
Overcome Challenges
U.S. Commercial Service Business Approach
How Do We Help U.S. Companies?
Assessing Export Readiness
Proven Expertise: Trade Counseling
• Planning and Strategy.
– Create a comprehensive international business plan for entry or expansion into targeted markets.
• Legal and Regulatory Issues.
– Determine export licensing needs for shipping products.
– Understand and comply with global product standards, certification requirements, electricity regulations, and packaging laws.
– Avoid intellectual property issues and legal disputes.
Get the information and advice you need to become “export ready”
• Documentation and Product Requirements.
– Learn about export documents, including Electronic Export Information filing, invoices, packing lists, and certificates of origin.
– Verify tariff rates and import fees; determine your product’s Schedule B and HS numbers.
• Getting Paid and Mitigating Risk.
– Introduction to partners focused on export financing programs and export credit insurance
Proven Expertise: Trade Counseling (cont’d)
Get the information and advice you need to become “export ready”
How Do We Help U.S. Companies?
Identify Key Markets & Determine Sales Potential
Proven Expertise: Market Intelligence
• Trade Data and Analysis.
Obtain the latest annual and quarterly trade data by country, state, commodity, and year, country-specific tariff and trade agreement information.
• Country Commercial Guides.
Leverage reports, prepared annually by U.S. Embassy staff, containing information on the business and economic situation of foreign countries and the political climate as it affects U.S. business and investments.
• Customized Market Research.
Get specific answers to your specific international business questions.
Target the best trade opportunities.
www.export.gov/mrktresearch
Proven Expertise: Market Intelligence
Target the best trade opportunities.
• Background Reports. Learn about potential partners from our trade
professionals working in your target markets.
Get detailed credit reports covering sales, profit figures, potential, liabilities, and other financial information.
How Do We Help U.S. Companies?
Implementing an Export Plan
• Partner Search.
– Find pre-screened potential partners and get detailed company reports; determine the marketability of your product or service.
• Personalized Business Matchmaking.
– Meet with potential buyers, sales representatives, and business partners.
– Leverage customized market briefings.
• Trade Missions.
– Participate in business development missions led by senior U.S. government officials.
– Meet with distributors, government and industryofficials, prospective customers, and U.S. Embassy officials.
Proven Expertise: Business MatchmakingConnect with the right partners and prospects.
• Trade Shows.
– Use our International Buyer Program to meet with pre-screened buyers at major U.S. trade shows.
– Exhibit in the U.S. Pavilion at our Certified Trade Fairs.
– Let us distribute your marketing literature at global trade shows.
• In-Country Promotions.
– Leverage customized venues to reach potential partners and buyers.
– Advertise in our official catalog of U.S. suppliers sent to nearly 400,000 international companies.
– Feature your company on our local-language Web sites.
Proven Expertise: Business MatchmakingConnect with the right partners and prospects.
“The U.S. Commercial Service business matching services were invaluable in helping our company accelerate plans for exporting to Singapore. I met with many potential distributors and was provided with relevant market intelligence that helped us quickly determine who would be best to partner with in Singapore.”
— Michael ColeInternational Distribution Manager
Old Mother Hubbard
Massachusetts-based pet food manufacturer Old Mother Hubbard secured a distributor in Singapore and projects $300,000 in first-year sales.
Real Results: Old Mother Hubbard
How Do We Help U.S. Companies?
Ensuring a Level Playing Field
Proven Expertise: Commercial Diplomacy
• Advocacy
– Access U.S. government trade advocacy for your foreign government procurement bids.
Visits to key foreign officials by high-ranking U.S. officials, direct support from U.S. officials stationed overseas, letters to foreign decision-makers
• Trade Problems.
– Get assistance with customs-related issues.
– Obtain support if your company’s exports or foreign bids are adversely affected by a trade barrier.
– Limit the risk of non-payment and receive assistance if problems arise
Level the international playing field for your company.
Export Resources & National Export Initiative
• Trade Information Center (TIC)1-800-USA-TRADE
• International Trade Administrationwww.trade.gov
• USG Export Portalwww.export.gov
• U.S. Commercial Servicewww.buyusa.gov
• Strategy for Targeting Organized Piracywww.stopfakes.gov
Department of Commerce Export Related Resources
President Obama’s National Export Initiative
Key Objective: Double exports
over the next five years to support
two million American jobs
National Export Initiative: Key Areas of Focus
Contact us today to connect with a world of opportunity.
CS Baltimore | (410) 962-4539
Web | www.buyusa.gov/baltimore
Email | [email protected]
Social Media |
Michael P. FilchockDirector, Global Trade Solutions
• Provides trade services and trade finance products to new and existing clients
• Former Loan Officer at the Export- Import Bank of the U.S. (“Ex-Im Bank”); and Trade Finance Specialist at SouthTrust Bank; and AmTrade International Bank
• Worked at KPMG Peat Marwick, and the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac.
• Earned a BS, Business Administration, California University of Pennsylvania; MBA, Averett University
• Certified Treasury Professional (CTP)
International Methods of Payment
Getting Paid and Managing Risk
SunTrust Bank Global Trade Solutions
SunTrust BankGlobal Trade SolutionsMichael P. Filchock8330 Boone Boulevard, 7th FloorVienna, VA 22182Tel 703-442-1516Cel [email protected]
Covering Maryland/D.C./Northern Virginia
Trade Services
Export Letter of Credit
Export Documentary Collection
Export Credit Insurance
International Trade Products
Exporter Risk
High
Importer Risk
Low
Trade Terms
Open Account
Documentary Collection(Time)
Documentary Collection (Sight)
Letters of Credit (Time)
Letters of Credit (Sight)
Payment in Advance
INTERNATIONAL METHODS OF PAYMENT
An payment instrument issued by a bank on behalf of its customer.
The issuing bank substitutes its own credit standing for that of its customer.
The issuing bank undertakes to pay for the goods or services provided by the beneficiary of the LC; the beneficiary looks to the bank for payment, instead of the buyer (applicant of the LC).
The LC assures the beneficiary (exporter) of payment when the terms of the credit are met.
The exporter is not obligated to perform if the terms of the LC are not acceptable.
What is a Letter of Credit?
Importer = Applicant = Buyer
Exporter = Beneficiary = Seller
Issuing bank = Applicant’s Bank = Buyer’s Bank
Advising Bank = Beneficiary’s Bank = Seller’s Bank
Negotiating (Paying) Bank = Beneficiary’s Bank = Seller’s Bank
Confirming Bank = Beneficiary’s Bank = Seller’s Bank
Who are the participants in a Letter of Credit?
What is a Letter of Credit ‘At Sight’ ? Time of Payment: upon presentation of complying documents by seller
within a few days after shipment.
Goods available to Buyer: after payment of the letter of credit and after the cargo has arrived.
Risk to Seller: Minimal. Depends on ability to meet letter of credit deadlines and documentary requirements.
Risk to Buyer: Has to pay letter of credit before it can get title to goods. Requires proof of shipment, but relies on Seller to ship goods as ordered. If seller doesn’t ship; buyer doesn’t pay
What is a ‘Time’ Letter of Credit ? Time of Payment: at maturity of the draft, but must be made
regardless of the condition or existence of the goods.
Goods available to Buyer: after acceptance of the draft by the Issuing Bank under the letter of credit and after the cargo has arrived.
Risk to Seller: Minimal. Depends on ability to meet letter of credit deadlines and documentary requirements.
Risk to Buyer: bank has to accept time draft and create legal obligation to Seller before Buyer can get title to goods. Relies on Seller to ship goods as ordered.
Advising: $75.00 - $100.00
Exam/Payment ¼ of 1% (of LC face value) min. $150.00
Amendment$75.00
Discrepancy $75.00 (per drawing)
Transfer ¼ of 1% (of transfer value) min. $200.00
Acceptance/
Deferred Payment 1.50% per annum, min. $250.00
Discount By arrangement (min. $250.00)
Confirmation By arrangement (min. $250.00 per quarter or fraction thereof)
SWIFT By arrangement (min. $25.00)
Courier By arrangement (min. $25.00 domestic/$35.00 international)
Export Letter of Credit CostSample costs vary bank-to-bank
What is it? The advising or negotiating bank, may add its “confirmation.” The
bank’s commitment of payment of the transaction in the event that the issuing bank fails to pay on behalf of the applicant.
Advising/Negotiating bank - undertakes credit decision based on factors:- time period of the LC- amount, - political, economic and other risks associated with the country of the
issuing bank
letter of credit - not confirmed - merely “advised”
Do you need a confirmed export letter of credit?Do you need a confirmed export letter of credit?
Cost of a confirmed export letter of credit?Cost of a confirmed export letter of credit?Depends on:
- Country
- Term of L/C
- Amount
- Export items
- Buyer
Typically .20% - 1.00% per quarter (of face value of LC)
Example: $250,000 LC x .75% x 90/360 = $468.75
Cost typically paid by exporter.
Also known as ‘Cash Against Documents’
Time of Payment: at time of presentation of the draft
Goods available to Buyer: after payment if ALL Ocean Bills of Lading are included with the documents and after the cargo has arrived.
Risk to Seller: possible non-payment of the draft.
Risk to Buyer: has assurance of shipment, but Seller may not ship goods as ordered. Must pay to get title to goods.
Export Documentary Collection - Sight
Export Documentary Collection - Time
Time of Payment: at a future date.
Goods available to Buyer: upon acceptance of the draft by the Buyer and after the cargo has arrived.
Risk to Seller: possible non-payment of the draft AND Buyer has the cargo.
Risk to Buyer: accepts draft before getting title to goods. Seller may not ship goods as ordered.
Time Draft or Documents Against Acceptance payable at XX days(i.e., 30/45/60 – per sales agreement) after sight, after bill of ladingDate, or after invoice date.
- Direct Send - (Exporter uses SunTrust Bank form on cover of docs and sends directly to Buyer’s Bank.)
- Sight $50.00
- Time $75.00
- Outgoing Collection - (Exporter send docs to SunTrust Bank. SunTrust “handles” docs - attaches form on cover of docs and sends directly to Buyer’s Bank.)
- Sight $125.00
- Time $150.00
Outgoing Collection costs more than Direct Send because exporter’s bank “handles” the exporter’s docs and helps ensure payment via bank’s official letter on a bank-to-bank dealing.
Export Documentary Collections - Cost
Export Credit Insurance
Trade credit insurance protects a company’s commercial accounts receivable from unexpected and catastrophic losses resulting from insolvency or "non/slow-payment" by its buyers.
Export Credit InsuranceTwo basic types of coverage for exporters:
Commercial Risks
• Insolvency (Chapter 7, 11)
• Protracted default (non-payment within 6months of due-date)
• DISPUTES are not covered!
• Typically 80% - 90% of invoice value iscovered by trade credit insurance
Political Risks
• Transfer Risk - political/economic events preventing or delayingtransfer of payments
• Government Moratorium - decision from the governmentpreventing release of funds
• Contract Frustration - decision preventing performance of thecontract
Export Credit InsuranceHow to get it?
- See your International Banker
How much is it?
-Cost varies by country, terms, buyer
-Estimate is 0.65% for 60 days of coverage
Why would an exporter want it?
-Protects your open account receivables
-Allows your bank to include in your borrowing base for lending
Can your business afford the loss if it is not paid?
Will extending credit and the possibility of waiting several months for payment still make the sale profitable?
Can the sale be made only by extending credit?
How long have the buyers been operating, and what is their credit history?
Has your business sold successfully to the buyer before?
Are there reasonable alternatives for collecting if the buyer does not pay? (Does the buyer’s country have the legal and business infrastructure for settling disputes fairly and swiftly?)
If shipment is made but not accepted, can alternative buyers be found?
Questions to Ask Before Selecting the Payment Method
• Over 1500 correspondent banks worldwide
• National Recognition as the SBA Export Lender of the Year 2009 & 2010
• Delegated Authority Lender with Ex-Im Bank’s Working Capital Guarantee Program
• Preferred Lender with SBA Export Working Capital Program
• GTS Sales officer covering Greater Washington/Maryland located in-market
A World of Solutions
All materials, including proposed terms and conditions, are indicative and for discussion purposes only. Finalized terms and conditions are subject to further discussion and negotiation and will be evidenced by a formal written agreement. Except as required by applicable law, we make no representation or warranty, express or implied, to you or to any person as to the content of the information contained herein. Opinions expressed herein are current opinions only as of the date indicated. Any historical price(s) or value(s) are also only as of the date indicated. We are under no obligation to update opinions or other information.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.
Debt and equity underwriting, trading, research and sales, loan syndications, municipal securities trading and sales, and mergers and acquisitions advisory services are offered by SunTrust Robinson Humphrey, Inc.
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May Lose ValueAre Not Bank Guaranteed
Are Not FDIC Or Any Other Government Agency InsuredSecurities and Insurance Products and Services:
IMPORTANT DISCLOSURE
SunTrust BankGlobal Trade Solutions
Michael P. Filchock8330 Boone Boulevard, 7th Floor
Vienna, VA 22182Tel 703-442-1516Cel 404-403-0942
Covering Maryland/D.C./Northern Virginia
Michael JacksonDistrict International Trade Officer – SBABaltimore District Office
•Provides marketing and outreach to Maryland’s veteran and international trade business communities.
•Implements the office’s objectives of increasing entrepreneurs’ access to SBA financial assistance programs, federal contracting opportunities and access to management and technical assistance.
•Works closely with SBA’s resource partners, state and other federal agencies, and various business organizations to conduct training workshops, seminars, and conferences.
•Former entrepreneur as franchise owner of a fitness center; and held positions in banking and telecommunications.
•Earned a B.S., Government & Politics, University of Maryland, Heidelberg, Germany; MBA, International Business, American Intercontinental University
•NASBITE Certified Global Business Professional (CBP) international trade certification
International Trade Programs
NAWBO/SBA Going Global Webinar
April 5, 2011
Helping you start, grow and succeed
WHAT IS THE SBA ?WHAT IS THE SBA ?• Small Federal Government Agency
• Established by Congress in 1953
• Aid, counsel and assist Americans start, operate, and expand their businesses
• Provide access to capital, counseling and training, and increase federal procurement opportunities (contracting)
• SBA is primarily a guarantor of loans made by private and other institutions.
• The SBA does not offer grants to start or grow small businesses.
How Important Are Small Businesses to the U.S. Economy?
• Represent 99.7 percent of all employers• Employ half of all private-sector employees• Generated 2/3 of net new jobs annually over the last decade• Are employers of 39 percent of high-tech workers (such as
scientists, engineers, and computer workers)
National Export Initiative (NEI)
• Double Exports in 5 years, create up to 2 million jobs• 3 Main components
– Expand trade advocacy– Increase access to credit (trade finance)– Remove trade barriers
Export Opportunity• 30 million businesses in U.S.• Only 250,000 export
– Of those 97% are small businesses• Approx 30% of U.S. export volume
– Of those 58% only export to 1 country
NEI – SBA’s RoleSBA will:• Identify SMEs with export potential
– “Have you thought about exporting?”
• Prepare SMEs for exporting– SCORE, SBDCs, WBCs
• Connect SMEs with actual trade opportunities– Collaborate with other federal agencies on trade missions, etc.
• Support SMEs with export financing– Export Express, EWCP, International Trade Loan (ITL)
SBA PARTNERS U.S. Exporters
Banks: Regional and Local Community
State and City
U.S. Government International Agencies• U.S. Commercial Service• Overseas Private Investment Corporation (OPIC)• U.S. Export-Import Bank• U.S. Department of Agriculture/Commodity Credit Corporation
Other Organizations • NAWBO, WTCI, etc.
SBA Loan Programs for Exporters
• Export Working Capital Program (EWCP)
• Export Express
• International Trade Loan (ITL)
Export Working Capital Program• Single Transaction
or Revolving Credit Line.
• Disbursements must be linked to specific export transaction, contract, PO, LC, invoice, etc.
• Maximum gross loan limit $5,000,000 (no minimum).
• Maximum 90% SBA guaranty to the lender
EWCP Use of Proceeds• Loan proceeds to acquire/produce goods or services for
export, the accounts receivable of such foreign sales or standby letters of credit.
• Pre-shipment Guarantee– Labor and Material costs
• Post-shipment Guarantee– Foreign Accounts Receivable financing
• Combination Guarantee
• Company meets SBA size standards– Based on NAICS – Manufacturing: under 500 employees
– can be as high as 1,500 employees
• Product is titled and shipped from U.S.– No U.S. content requirement, Military OK
• In business 12 months or proven expertise
• Other SBA eligibility provisions– Criminal History, Previous loss to govt. etc.
Export Working Capital Program Eligibility
EWCP - Indirect Exports• Applicants who produce products or services
that enter into the export channel but do not directly export their products are eligible for EWCP financing– Manufacturers using an Export Trading
Company– Suppliers to other domestic manufacturers
• Requires certification from domestic customer that goods are in fact being exported.
EWCP - How to Apply• Apply with a commercial
loan officer at your existing bank. The Bank will forward your application to SBA for approval if SBA support is needed for the transaction.
EXPORT EXPRESS• Maximum loan amount $500,000
• Increased from $250,000 as result of Jobs Act
• Eligibility• applicant in business for at least 12 months• proceeds for developing or expanding export markets
• Maximum loan guarantee coverage• 90% for loans up to $350K• 75% for loans between $350 and $500K
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•Finance export development activities • Participation in a foreign trade show • Translation of product literature for foreign markets
•Provide transaction-specific financing for overseas orders
•Provide revolving lines of credit for export purposes – term may not exceed five years
•Finance standby letters of credit used for either bid or Finance standby letters of credit used for either bid or performance bondsperformance bonds
EXPORT EXPRESS
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• Minimizes Use of Government Forms and Procedures
• Streamlines Processing and Costs of Smaller Loan Transactions
• Lenders Granted Expanded Authority and Autonomy
EXPORT EXPRESS
International Trade Loan (ITL)• Max loan amount - $5 million
• Offers term loans to businesses that plan to start or continue exporting or that have been adversely affected by competition from imports.
• Proceeds of loan must enable the borrower to be in a better position to compete. The program offers borrowers a maximum SBA-guaranteed portion of $4.5 million ($4 million for working capital)
International Trade Loan (ITL)
• Loan Maturity Usually up to years for machinery and equipment (not to exceed the useful life of the equipment) and up to 25 years for real estate.
• Interest RateNegotiated between the borrower and the lender, subject to SBA caps (depending on maturity and amount). Based on Prime.
International Trade Loans - How to Apply
• International Trade Loans can be approved PLP or through normal 7(a) processing. Can be processed at a USEAC when submitted with a companion EWCP Loan.
www.sba.gov/international
www.export.gov
U.S. Small Business Administration
Your Small Business Resource
QUESTIONS?
Michael K. JacksonBaltimore District [email protected](410) 962-6195 x303
Patrick TunisonOffice of International [email protected](202) 205-6426
Wrap Up/ Questions & Answers