Financing Information
Foreign Buyers of MJC machines have the possibility of obtaining loans to finance the purchase of MJC machines. These loans are extended by US Banks and are guaranteed through Export Import Bank of the United States (Exim Bank), a US government agency. Below please find some of the conditions and standards you, the buyer, has to meet in order to qualify for a loan.
Eligible Repayment Terms
The length of payment terms available under Ex-Im Bank medium-term guarantees depends on the total value of the sale and, to some extent, upon the unit value of capital goods. The following table shows the maximum terms for specified dollar amounts:
Contract Price of Transaction: $350,000 up to max. $ 5 MM
Maximum Payment Term: five years, up to seven years
Information Required from the Buyer
In general, the following guidelines apply:
1) A credit report from an agency, dated not more than 6 months from the application date, a commercial bank reference, dated not more than 6 months from the application date.
2) Three years of financial statements and an interim statement if the latest fiscal year end statement is dated more than 9 months from the application date.
3) Audited financial statements are preferred and generally will be required when Ex-Im Bank’s total potential exposure exceeds $1 million. If unaudited statements are provided, they must be signed and accompanied by a summary of significant accounting practices used in their preparation.
If you want to pursue an application for a loan, MJC will happily provide you with a custom tailored finance quote for your MJC equipment from one of our participating banks.
Please contact our CFO, Bernd Hermann, at BHermann@mjcengineering.com
