Frequently Asked Questions
You already know all of the benefits of working with Drake Finance:
- U.S. exporters get their invoices paid immediately upon shipment and their international buyers are extended generous credit terms.
- All export transactions are insured by the official export credit agency of the United States, Ex-Im Bank with the exception of those transactions funded by our Pre-Export Financing, which is guaranteed by Ex-Im Bank’s city-state partner, Florida Export Finance Corporation (FEFC).
- All export transactions are reviewed by our team of international trade finance experts, underwriters and legal counsel. Furthermore, all export transactions are reviewed by Managing Principal and Board-Certified International Lawyer, Richard H. Lopez, Esq.
Additionally, our export financing programs do away with risky cash payments and costly irrevocable Letters of Credit. Our flexible financial solutions separate you from the competition. With Drake Finance, your business increases its sales and grows.
Like any savvy business owner, you have questions. The following are a few common ones that have already been answered for your convenience.
How long will it take before Drake Finance can fund my international invoices?
- Pre-Export Financing begins once the Florida Export Finance Corporation (FEFC) approves your guarantee, which usually takes about 15 days.
- Export Receivables Financing begins once Ex-Im Bank approves your export credit insurance policy, which usually takes about 10 days for the Express Insurance Policy and about 15 days for the Standard Insurance Policy.
- Short-Term Agricultural Financing begins once Ex-Im Bank approves the transaction, which usually takes about 30 days.
- Medium-Term Equipment Financing begins once Ex-Im Bank approves your export credit insurance or guarantee, which usually takes about 60 days.
How much of my product has to be Made in the USA in order to qualify for financing?
- Pre-Export Financing final product to be shipped to international buyer must be at least 51% U.S. content. Otherwise, the product from its supplier can be from anywhere in the world.
- Export Receivables and Agricultural Financing product must be at least 51% U.S. content.
- Medium-Term Equipment Financing product must be at least 80% U.S. content.
As an exporter, can I offer this financing to buyers anywhere in the world?
- Yes, provided that our guarantor and insurer, the Export-Import Bank of the United States (Ex-Im Bank), is open in that particular market. Visit the Ex-Im Bank website for a complete list of countries in which Ex-Im Bank supports U.S. exports.
As the exporter, how and when do I get paid?
- Once the loan is approved and all the documents are executed by your international buyer, you get paid within 48 hours of Drake Finance processing your shipment documents. Payments are wired to your bank account to ensure the highest level of security and convenience.
What will I need from my international buyer to initiate the financing process?
- For Short-Term Agricultural and Medium-Term Equipment Financing, all we need to get started is your foreign buyer’s company’s audited financial statements for the past 3 years.
- For Export Receivable Financing, your international buyer should submit a credit report and either a trade reference or ledger to be approved for a Special Buyer Credit Limit (SBCL) under your Ex-Im Bank Insurance Policy.
- If your international buyer meets our credit criteria, Drake Finance issues a Letter of Intent within 24 hours outlining the interest rate and loan fees.
What sizes of export transactions can be financed?
Transactions as small as $10,000 qualify for Pre-Export and Export Receivable Financing. Short-Term Agricultural and Medium-Term Financing is typically between $100,000 to $2 million and up. There is no maximum transaction size.