New York / New York / United States
Private Export Funding Corporation, headquartered in New York, assists the financing of United States exports through the mobilization of private capital as a supplement to the financing available from commercial banks and other lenders. The company provides a range of export finance programs as a direct lender and as a secondary market buyer of export loans originated by lenders. Founded in 1970, the company is a private sector, tax-paying entity incorporated under Delaware law. Shareholders include commercial banks, industrial companies and financial services companies. Ownership of company shares are restricted to institutions engaged in financing, producing or exporting U.S. goods or services. It uses several methods to fund its programs, including short-term commercial paper, long-term secured notes, and long-term collateralized notes. To be eligible for financing by PEFCO, loans must be protected against nonpayment under an appropriate guarantee or insurance policy issued by the Export-Import Bank of the United States or for certain small business export loans under a guarantee issued by the Small Business Administration.
