GUIDE TO THE FLORIDA EXPORT FINANCE CORPORATION
EXPORT FINANCE CORPORATION
STATEMENT OF POLICY
In a continuing
effort to improve its services to the Florida business community the State of
Florida formed a new entity under Florida Statute 288.770. The Florida Export
Finance Corporation (FEFC) was created in 1993 as a not for profit corporation
with a mandate to expand employment and income opportunities for Florida residents.
Fulfillment of the mandate is accomplished by increased exports of goods and
services resulting from assistance given by FEFC to small and medium sized Florida
domiciled and registered companies. No specific Florida content is required
for the exported items but preference is given to Florida value added transactions.
Information, technical, and consulting assistance is offered, and the FEFC cooperates
and work with other organizations to enhance the ability of Florida exporters
to increase their sales and their access to programs designed to assist them.
However, financial assistance is the primary service offered by the FEFC. FEFC
financial assistance is available to small and medium sized companies registered
to do business in the State of Florida; with less than 250 employees and less
than a $6,000,000 net worth; only for direct export transactions; only for goods
and services being shipped from Florida. The FEFC will consider a transaction
only when a lender has turned down an exporter's loan request.
FEFC financial assistance may be in the form of a direct loan or a loan guarantee.
The majority of financial assistance will be for short term transactions with
a maximum tenor of 360 days. FEFC loans are made only to an exporter, and FEFC
guarantees cover only loans made by qualified lenders directly to an exporter.
The FEFC may have loans and guarantees outstanding at any time not greater than
5 times the FEFC Fund amount.
In order to make full use of its leveraging authority most FEFC financial assistance
to exporters will be in the form of guarantees given to commercial lenders who
make loans to exporters to support a verified foreign order. The exporter may
apply directly to the FEFC for a loan guarantee or, preferably, a lender may
apply jointly with an exporter. The maximum amount FEFC will consider guaranteeing
is $500,000 on a single transaction and the FEFC guarantee may not exceed 90%
of the loan value. The maximum direct loan to an exporter by the FEFC may not
exceed $50,000. The FEFC guarantee is available for pre-shipment loans or post-shipment
loans or combination of both.
The FEFC will assist exporters and lenders in arranging loans exceeding the
FEFC limits in order to complete an export sale of any size including Ex-Im
Bank product and project loans and SBA loans. The FEFC, as a holder of an Ex-Im
Bank Umbrella Insurance Policy, will assist exporters and lenders in obtaining
credit insurance to mitigate foreign risk.
The FEFC does not make grants, nor will it issue a loan guarantee or make a
direct loan, unless it can be secured in a manner which assures a reasonable
probability of repayment. The FEFC paperwork will be the minimum necessary and
its fees and rates will be as low as possible. FEFC loan guarantees will require
the lender to follow all customary and prudent lending practices.
The agreement of lenders to accept the FEFC guarantee is dependent on many factors.
The question of safety is paramount and is reflected by FEFC's credit policy.
Where possible FEFC will use the risk mitigation programs of Ex-Im Bank or other
acceptable means. FEFC's credit policy and procedures, and its operations policy
and procedures, are similar to those of a lending institution and have been
formulated by the FEFC's Board of Directors to evolve based on FEFC's delineated
market. These 15 individuals all have extensive experience in commercial lending,
export sales, and trade finance, representing and blending the expertise of
banks and exporters, both large and small.
FEFC's Board of Directors recognizes that there is a wide gap between the financing
needs of small and medium sized exporters and the conservative approach required
by conventional lenders, especially when it concerns export trading companies
or intermediaries who by many lending definitions are viewed as being undercapitalized
with insufficient asset base or collateral. The bridging of this financing "gap"
and the mandate to assist and nurture the growth of qualified Florida exporters
is the guiding principle of the FEFC's Board of Directors. Application of the
FEFC's credit policy and procedures will always consider this factor.
The FEFC accounts and books are maintained by the Corporation with audits by
independent auditors and regular reviews by the State of Florida. The FEFC Fund
is under the full control of the FEFC's Board of Directors and is separate from
any other funds. As a public/private partnership additional funding may be appropriated
each year by the State of Florida or from other sources, both public and private.
The Corporation's administrative expenses are allocated from the FEFC Fund in
accordance with an operating budget approved by the Board of Directors. All
fees, investment income, or any other income is deposited directly to the FEFC
The policy of the Board of Directors is to operate the FEFC in a sound and prudent
manner which will accomplish the purposes of the Corporation as set forth in
Florida Statutes while safeguarding and increasing its assets. The Board has
established a credit committee, an audit and examination committee, an asset
and liability committee, a management review committee, and an executive committee.
Each committee is vested with specific responsibilities concerning establishing
and overseeing policies and procedures of the Corporation.
FEFC financial assistance
is available only for exporters and transactions which meet the following requirements:
The exporter/borrower must be registered to do business in Florida and be able
to produce a current corporation, partnership, or proprietorship registration.
The exporter/borrower must have less than 250 employees. Full and part time employees
are included in this requirement.
The exporter/borrower must have less than $6,000,000 of net worth.
The equity owner of the exporter/borrower must sign the FEFC application, all
loan documents, and personally guarantee the loan.
The exporter/borrower must have a specific and verified order from a foreign buyer
and the loan must be made to support that order.
The goods or services must be shipped from Florida.
The maximum FEFC guarantee amount is 90% of the loan or $500,000, which ever is
The maximum FEFC direct loan amount is 90% of the contract value or $50,000, which
ever is the lowest.
The maximum term for guarantees or loans is one year.
The maximum cumulative FEFC financial assistance available to any one exporter/borrower
in any five year period is $500,000. The FEFC Board of Directors may exempt an
exporter from this requirement upon proof of need.
If the exporter/borrower applies direct to the FEFC for an FEFC loan or loan guarantee
the exporter must demonstrate the inability to obtain funding elsewhere. (Lender
loan denial letter must accompany application).
An application for an FEFC guarantee which is submitted through a lender must
include a lender application stating that the loan will be made only with a guarantee
from the FEFC.
II. FEFC FINANCIAL
A. The FEFC offers
four financial assistance "products": Product no. 1 - Pre-shipment or
post-shipment loans Available only with demonstrated proof of inability to obtain
financing elsewhere, even with the FEFC guarantee. Application to FEFC directly
from the exporter/borrower.
Product no. 2 - Pre-shipment or post-shipment guarantees Lender may apply on behalf
of the exporter/borrower, who must sign the application, requesting an FEFC guarantee
of a loan to be made by the lender. Lender must have approved the loan subject
to receiving the FEFC guarantee. Commitment issued directly to lender. - OR -
Exporter/borrower applies directly to FEFC giving proof of a lender turn down.
Preliminary commitment given to exporter to show a lender. Commitment given to
lender after lender approves loan subject to FEFC guarantee.
Product no. 3 - Combination of pre-shipment and post-shipment loans
Product no. 4 - Combination of pre-shipment and post-shipment guarantees
B. FEFC offers three types of financial guarantees: (1) Pre-shipment Exporter
Risks Guarantee, (2) Post-shipment Exporter Risks Guarantee, and (3) Combination
Exporter Risks Guarantee. All of these guarantees will run to the bank or other
financial institutions such as a savings and loan association, commercial factor
or other financial organization, provided it is continuously engaged in professional
lending operations to the business community at large, hereinafter referred to
as a lender. The guarantee is be based on an exporter's application to FEFC and
a lender's request for coverage. Preliminary commitments may be issued to an exporter
to assist them in locating a suitable lender after at least one lender has been
approached and has turned down a loan request. These guarantee programs are designed
to function in close cooperation with financial institutions, encouraging them
to be more active and supportive of export financing for small and medium sized
firms. FEFC also cooperates fully with federal export financing facilities, relying,
where appropriate, on their expertise and participation, and encouraging and assisting
federal agencies to do more for Florida firms.
FEFC also offers three types of direct loans: (1) Pre-shipment Exporter Loans,
(2) Post- shipment Exporter Loans, and (3) Combination Exporter Loans. These loan
programs are available to an exporter only with demonstrated proof that, even
with the FEFC guarantee, financing is not available elsewhere.
FEFC's financial assistance may be rendered to secure participation by Florida
firms in fed- eral, state or private financing programs or to make adequate financial
assistance more readily available from public or private sources in a timely manner.
Adequate collateral or security requirements will be required by FEFC to help
ensure full repayment of loans and loan guarantees.
C. The three financial guarantees are described below:
1. The Pre-shipment Exporter Risks Guarantee applies when financing is required
prior to shipment of the related goods. Payment for the related export must be
covered by a letter of credit confirmed by an acceptable U.S. bank, or issued
by a strong financial institution in an acceptable country. Alternatively, the
Eximbank or other qualified insurers may provide cover for the post-shipment credit
risks on the transaction. This program provides for guarantees up to $500,000
or 90 percent of an eligible loan, whichever is less.
FEFC's Pre-shipment Exporter Risks Guarantee is comprehensive and remains in effect
until the loan is paid or is in default, whichever occurs first. Its primary purpose,
however, is to cover risks of non-payment caused by the exporter's failure, inability,
or unwillingness to perform, or other risks not assumed by Eximbank or other insurers.
In the event of claim payment under this guarantee, FEFC will look to the exporter
for repayment of amounts paid to the lender. The lender is required to take certain
collateral and to share that collateral pro rata with FEFC in the event of claim
payment. The maximum guaranteed loan term may not exceed 360 days.
2. The Post-shipment Exporter Risks Guarantee covers, after shipment of the related
goods, up to 90 percent of each eligible loan or $500,000, whichever is less,
provided that Eximbank or another acceptable insurer is covering the foreign,
political, and commercial risks, or the transaction is covered by a letter of
credit confirmed by an acceptable U.S. bank, or issued by a strong financial institution
in an acceptable country.
FEFC's Post-shipment Exporter Risks Guarantee contains the same comprehensive
language as in the pre-shipment guarantee, but again, its main function is to
cover those risks not assumed by Eximbank or other insurers; however, combined
with insurance, it covers all risks of non-payment, including losses caused by
the exporter's failure to perform creating contract disputes. In the event of
a claim payment, FEFC looks to the exporter for repayment of amounts paid by FEFC
to the lender. The maximum term of a guaranteed loan may not exceed 180 days.
3. The Combination Exporter Risks Guarantee applies when financing is required
prior to the shipment of the related goods as in the Pre-shipment Exporter Risks
Guarantee, and the terms of the export transaction permit inspection or use prior
to the buyer`s legal obligation to pay. This occurs in the event the terms of
sale are open account with extended terms, documents against acceptance, or retention
clauses in letters of credit, or the terms of sale otherwise permit all, or a
major portion, of the funds required for loan repayment to be subject to a buyer`s
decision after inspection or use of the goods or services involved. This guarantee
also covers up to 90 percent of an eligible loan, or $500,000, whichever is less.
Again, the language and purpose of this guarantee remain the same, and the requirements
relative to letters of credit or insurance to cover post-shipment risks apply
as in the case of pre- and post-shipment guarantees. The maximum term of a guaranteed
loan may not exceed 360 days.
D. Direct loans: Loans made by FEFC to an exporter follow a similar outline as
shown above for the three types of guarantees, with FEFC standing in the position
of the lender. The maximum percentage, dollar amount, and term of any FEFC direct
loan are similar to those of FEFC guarantees. However, FEFC direct loans are available
only after a preliminary commitment for an FEFC guarantee has been issued to an
exporter and at least one participating lender has turned down the loan. FEFC
direct loans are always subject to availability of funds.
In any of these guarantees and direct loans, a variety of instruments may be utilized
to represent the loan or extension of credit to the exporter. Included, in addition
to promissory notes and/or loan agreements, might be stand-by letters of credit
for domestic supplier credit arrangements, or letters of credit serving as performance
bonds or loan guarantees. FEFC will consider transactions without Eximbank or
other post-shipment risk insurance, or with payment terms other than letters of
credit. Such transactions will have guarantee fees higher than those with Eximbank
or other acceptable foreign risk insurance and/or letter of credit payment terms.
EXPORTER AND EXPORT PRODUCT ELIGIBILITY
If the Eximbank is
providing any type of guarantee or insurance then the goods, services or commodities
comprising the export transaction to be financed must have a United States content
in excess of 50 percent of the total F.O.B. carrier value. For purposes of determining
this minimum percentage of U. S. content, the applicant may include, in addition
to manufacturing or growing costs, all other labor, materials, inland freight,
direct and indirect costs, and other overhead originating in the U. S. or paid
to U. S. based firms. In the case of manufacturers, if the final manufacturing
process is conducted in the U. S., a detailed analysis of components within the
final manufactured article is not required. The exporter is required to certify
in his application that the specific transaction, or specific group of transactions,
exceeds 50 percent U.S. origin.
Should FEFC agree to provide its guarantee or make a direct loan on a transaction
without an Eximbank guarantee or insurance then content is not a consideration
with the understanding that Florida value added transactions will be given preference.
However the percentage of U.S. content must still be stated in the application.
The exporter in all cases must be domiciled in Florida and be able to produce
a current corporation, partnership, or proprietorship registration. In addition,
the exporter or its principals must show successful business experience that is
germane to the transaction in question, depending on the circumstances; and evidence
of a meaningful equity interest in the business and the transaction involved.
If the primary experience and operational records prove otherwise satisfactory,
but indicate a lack of substantial export experience, FEFC may require the borrower
to retain acceptable export consulting or management services.
The products must be shipped from the State of Florida.
The exporter must have fewer than 250 full and part time employees and a net worth
of less than $6,000,000.
IV. FEFC NON-FINANCIAL
In addition to counseling
the exporter regarding a particular transaction or loan application on a case-by-case
basis, FEFC offers four non-financial programs: (1) Individual Counseling and
Assistance, (2) Foreign Country Information Services, (3) Export Finance Information
Services, and (4) Export Credit Training Services. These services will bring together
current information from a variety of sources.
A. Individual Counseling and Assistance will be provided in response to inquiries
in terms of the structure of a proposed transaction, financial presentation and
sources for further information or counseling.
B. The Foreign Country Information Services will provide a centralized source
of information on what problems Florida exporters may experience in arranging
credit because of the economic or political conditions in the buyers' countries
and ways to minimize those problems. Through this service FEFC will advise the
exporter of Eximbank's latest evaluation on country conditions and requirements
for providing insurance in the market, together with country condition reports
from other public and private sources.
C. The Export Finance Information Services, in response to an exporter`s request,
will draw together as much information as possible on potential sources of financing
based on the type of export, type of transaction, and country of buyer. This will
provide accurate, up-to-date information on the terms and conditions of federal
government loans, guarantees and insurance possibilities, and of private sector
lenders interested in handling the type of transaction in question. This service
will, in essence, target the sources to be contacted for assistance.
D. The Export Credit Training Services will include general services designed
to familiarize Florida exporters with the mechanics of the different export programs
offered in cooperation with organizations such as the Export-Import Bank of the
United States, the International Trade Administration of the U.S. Department of
Commerce, the Florida Department of Commerce; and export trade associations, as
well as the availability of other public and private organizations designed to
provide export assistance and export-related financing.
In addition to the above, FEFC staff will be available to help exporters with
a wide variety of questions, including assistance in complying with the application
and other requirements of financing organizations. As reinforcement and assistance
to all of the above, FEFC will make available to the exporter a library on export
affairs and export financing techniques.
OPERATING GUIDELINES OF PROGRAM FOR LENDERS
The policies and operating
guidelines applicable to the financial assistance programs of FEFC are stated
fully in FEFC's Statement of Credit Policies and Procedures, which have been adopted
by FEFC and which may be amended from time to time. Some of these policies, pertinent
to the role of the lenders, are referred to in this Guide to the Florida Export
Finance Corporation under the heading "FEFC Financial Assistance Programs."
Additional guidelines and policies of significance to the lenders include the
A. FEFC Exposure Limit Per Guarantee
The exposure of FEFC under any one transaction or any one exporter may not exceed
$500,000. The cumulative financial assistance given by FEFC to any one exporter
may not exceed $500,000 in any 5 year period. However, upon proof of need the
Board of the FEFC may wave this requirement.
B. Collateral - Personal Guarantees - Assignments
All loans and loans guaranteed by FEFC must be collateralized with assets acceptable
to FEFC. The lender will be required to obtain a suitable lien position, usually
evidenced by a UCC-1 filing, and may be asked to explain the rationale for valuation
of the collateral. Collateral will most often consist of the product to be shipped,
together with whatever additional collateral requirements appear to be prudent.
This can consist of, but need not be limited to, inventory and receivables, including
insured (Eximbank or other) foreign receivables.
An assignment of proceeds from the letter of credit, documentary collection, or
foreign receivable will usually be required. It is imperative that the lender
take note of the documentation required for such an assignment of proceeds and
make certain that it is properly completed. In some cases, the condition precedent
will be the signed, blank assignment forms kept on file.
A personal guarantee in support of the exporter`s obligation is normally required.
In the event of a claim payment, all applicable collateral must be shared on a
pro rata basis in the same ratio as the risk is shared according to the guarantee
on the loan or credit extension. For insured transactions the lender should have
in his possession all documents required by the insurer for presentation of a
claim, as well as a complete copy of the insurance policy and the lender's assignment
of claim proceeds under the policy.
C. Disbursement Period Available for FEFC Guaranteed Loans
The latest disbursement date will be stated as the "Expiration Date"
in the FEFC Transaction Attachment Form. Depending on the circumstances, this
expiry date will be based on either:
1. the final shipment or validity date specified in the underlying letter of credit,
the buyer's order, or the insurance policy covering the receivable; or
2. 180 days following the effective date of the guarantee. Requests for extension
of the 180 day period will be considered by FEFC.
D. Conditions for Payment of Guarantee Fee
The two part guarantee fee as stated in the FEFC Transaction Attachment Form,
based on the estimated guaranteed amount, is (1) payable by the lender as of the
day of initial disbursement, and must be received at FEFC within ten days of that
date, together with the FEFC Disbursement Notice Form; or, (2) paid in full at
FEFC within 90 days of the "Effective Date of the Guarantee", whichever
comes first, to maintain the validity of the FEFC Guarantee. In the event of a
partial disbursement, additional Disbursement Notices must be provided to FEFC
as funds are disbursed until the line is fully utilized. A FEFC Repayment Notice
Form is required in all cases, except for revolving loans.
The first part of the guarantee fee is a facility fee which is a percentage of
the total guarantee commitment as stated in the FEFC Transaction Attachment Form.
The second is a usage fee which is a percentage of the guaranteed amount per 30-day
period, or fraction thereof, of estimated time usage. A year of 360 days, comprised
of twelve 30-day months, is assumed for this purpose. Both the facility fee and
the usage fee are reduced in half if payment for the export is via an acceptable
letter of credit or covered by Eximbank or other acceptable foreign risk insurance.
However, the minimum total guarantee fee shall never be less than 1 percent.
The guarantee fee is payable by the borrower through the lender at the time of
the first disbursement, or within 90 days of "Effective Date" as described
above. An additional usage fee will be charged at the time of any term extension.
E. Maximum Term of FEFC Guaranteed Loans and Direct Loans
This is a transaction oriented, short-term program. Therefore, repayment terms
on post-shipment loans will not exceed 180 days, pre-shipment loans may not extend
beyond a maximum of 360 days. See "Combination Exporter Risks Guarantee"
for special, extended situations.
In all situations, the guarantee is intended to remain in effect until the
transaction is completed and loan is repaid or, in the event of non-payment, a
valid claim is submitted to FEFC within the stated time limit for claims.
F. Interest Coverage of FEFC Loan Guarantees
Interest is covered to date of claim payment or to 270 days from final maturity
date, whichever is less, at either (1) the loan rate, or (2) the prevailing Prime
rate, whichever is less.
G. Interrelationship and Validity of Guarantee Form and Transaction Form
Please note that the FEFC Transaction Attachment Form is required to validate
the general FEFC Guarantee Form and becomes an integral part of same. Both forms
must be signed by the lender as well as FEFC to be a valid instrument.
APPLICATION FOR PARTICIPATING FINANCIAL INSTITUTION STATUS
FEFC will direct exporters
to participating financial institutions, which may be banks or non bank lenders,
and will issue guarantees only to such lenders. A lender proposing to utilize
the financial guarantee programs of FEFC need only to take the following steps:
A. Write FEFC, requesting status as a "Participating Financial Institution".
This letter must also state the lender's commitment to provide loans to exporters
based on the FEFC guarantee. Dishonoring of the commitment by rejecting transactions
carrying the FEFC guarantee could jeopardize the lender's participating status.
B. Name one or more appropriate liaison officers, depending on the number of regions
in Florida in which the lender operates and proposes to utilize FEFC guarantees.
We ask that these loan officers become familiar with FEFC programs.
C. Enclose the lender's most recent published financial statement. Upon receipt
of this request and material, FEFC will confirm your "Participating Financial
Institution Status", subject to the FEFC's review of the financial statement.
APPLICATION FOR COMMITMENT AND GUARANTEE
A. Application for
Preliminary Commitment By Exporter
The FEFC Exporter Application Form is to be completed by the exporter and submitted
to FEFC, together with the required supporting information. See the supplement
form, entitled "Checklist for Submitting the Application Package," listing
the basic requirements and suggestions for additional supporting information,
in the following section of this Guide. A non refundable processing fee of $250
must accompany each application. This fee is not refundable unless it can be determined
on a prima facie basis that the application is ineligible within the basic parameters
of the FEFC. Alternatively, the exporter and lender application forms may be submitted
together, when appropiate.
When the FEFC Preliminary Commitment form, is approved and signed by FEFC, it
is valid for 90 days. The exporter presents the Preliminary Commitment to a potential
lender as evidence that FEFC proposes to issue its Guarantee to a lender with
participating financial institution status under the conditions described in the
Preliminary Commitment, subject to available funds at the time a guarantee is
requested, and there being no unforeseen changes in the transaction or other adverse
conditions affecting the borrower or the buyer.
B. Application for Guarantee By a Lender
The FEFC Lender Application Form is to be completed by the lender that tentatively
agrees to furnish the financing contemplated in the Preliminary Commitment. When
this form has been completed by the lender and returned to FEFC, it will be pro-
cessed promptly. On approval, a guarantee will be issued by FEFC and returned
to the lender. Alternatively, the lender and exporter application forms may be
sub- mitted together, when appropriate.
C. Request for Amendments Requests for amendments to Preliminary Commitments or
Guarantees should be made in writing by the lender with a clear statement of the
reason for the amendment. The amendment will be provided on the "FEFC Amendment
to Transaction Attachment".
CLAIMS AND RESCHEDULING PROCEDURE OF GUARANTEED LOANS
FEFC's written permission must be obtained before any loan or credit covered by
its guarantee may be rescheduled. Under most circumstances, an additional fee
may be required.
B. Claims Procedures
1. Waiting Period: FEFC's different types of guarantees have different minimum
waiting periods during which the lender must stand by before filing a claim for
payment of the guaranteed amount.
a. Pre-shipment Exporter Risks Guarantee: A claim may be filed 30 days after the
exporter fails to make a required payment, and must be filed within 120 days of
default, unless otherwise stated in the terms of the guarantee.
b. Post-shipment Exporter Risks Guarantee: A claim may be filed after 90 days,
and must be filed within 120 days, unless otherwise specified in the guarantee,
after the foreign buyer fails to make payment, alleging that the exporter has
failed to comply with his responsibilities, and that the cause of the loss is
not covered by Eximbank's or other applicable post-shipment insur- ance.
c. Combination Exporter Risks Guarantee: A claim may be filed 30 days after the
exporter fails to make a required payment, if shipment has not yet been made.
After shipment has occurred, the Post-shipment Exporter Risks Guarantee rule applies.
That is, the claim may be filed after 90 days, but no later than 120 days, unless
otherwise specified in the guarantee, after the foreign buyer`s failure to make
payment as recited above.
In any event, the maximum time period for filing a claim on FEFC for insured transactions
is 30 days after the minimum waiting period required by the insurer.
2. Filing of Claim
After the appropriate waiting period, the lender may file for claim payment, using
the FEFC Claim Form with appropriate supporting documents.
FEFC requests the lender`s cooperation in reporting potential problems as they
become aware of them. It is the policy of FEFC to meet valid claims promptly from
the FEFC Fund available for this purpose. FEFC anticipates close mutual cooperation
with the lender in the effort to subsequently collect or liquidate defaulted loans
to minimize losses and share such recoveries on a pro-rata basis. In the event
of any uncertainty as to proper documentation of a claim, the lender is encouraged
to request the assistance of FEFC staff.
INTEREST RATE AND FEES
FEFC does not impose
any interest rate ceiling or limitation on fees the lender may charge, but will
monitor the rates and fees being charged. Lenders, however, should appreciate
that one of the purposes of FEFC and the guarantees is to help small and medium
sized Florida exporters to be more competitive by providing financing at the lowest
possible cost. The interest rate charged to exporters on direct loans made by
FEFC is set at a spread above its cost of funds and operational expenses and may
vary depending on the risks involved. A facility fee as a percentage of the loan
amount will be charged on all FEFC direct loans in addition to the per annum interest
rate. All rates, fees, charges, forms, and procedures mentioned herein are subject
INFORMATION AND ASSISTANCE
FEFC staff members
will be pleased to assist in any way possible. You may contact the Florida Export
Finance Corporation at the address listed on the cover sheet.
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