Q & A
with MFS
1) QUESTION:
"WHEN SHOULD I CONTACT MFS?"
ANSWER: When financing or extending credit
terms is required for a projected import or
export transaction.The best time to approach
MFS is right after buyer and seller have
agreed on the other components of the sale.
Even though, when it is done too early MFS
and its customer run the risk of "spinning
their wheels" for nothing, we would
rather have that situation than the opposite
when it is too late for us to bring together
the necessary components for financing.
2) QUESTION: "HOW LONG DOES IT
TAKE TO OBTAIN AN APPROVAL FROM A RISK
MITIGATION AGENCY ( EX-IM BANK OR SBA )?"
ANSWER: Both Ex-Im Bank and SBA can make
decisions within one or two weeks maximum if
the application package submitted to them is
COMPLETE, which means that not only all the
documents required are included, but also
that all the questions arising from their
critical examination are answered. Because of
the work load and bureaucratic regulations,
incomplete packages tend to be put on the
"back burner"by these agencies,
which considerably slows down the review and
approval process. MFS NEVER sends an
incomplete package to Ex-Im Bank or SBA!
3) QUESTION: "WHEN SHOULD ONE
CHOOSE PRIVATE CREDIT INSURANCE OVER PUBLIC
CREDIT INSURANCE FROM EX-IM BANK?"
ANSWER: Volume is the main criterion guiding
the choice. Because of the minimum annual
premiums charged by the private sector, it is
not advantageous for businesses to apply for
private credit insurance when less than $2
Million of annual export sales will be
insured. Ex-Im Bank, also, tends to remain
open longer than the private sector in
countries with "troubled" economies.
For domestic sales, only the private sector
provides credit insurance.
4) QUESTION: "IS MFS FULLY
INDEPENDENT FROM COMMERCIAL LENDERS AND
GOVERNMENT AGENCIES?"
ANSWER: Yes! MFS is 100% on the side of its
customers and takes their best interest at
heart. MFS, time and again, will go to bat
with Ex-Im Bank when it feels that a customer
has been wronged or short-changed by that
agency. Depending on the features of each
case, MFS will select a handful of lenders
based on the size of the transaction, the
financial strength of the customer and the
competence of the lending source in a given
program. By putting several lenders in
competition, MFS will always obtain the best
conditions and rates for its clientele!
5) QUESTION: "CAN MFS SAVE TIME
AND RED TAPE TO ITS CLIENTS?"
ANSWER: This is our main purpose! We want our
customers to spend their time selling and
running their companies, rather than paper
shuffling and wasting precious hours with
unmotivated lenders! Let us pilot the
financing of your transactions and prevent
you from taking dead end streets! MFS will
save you quite a bit of money in the process.
6) QUESTION: "WHY GO TO MFS FOR
A FEE RATHER THAN TO THE MARKETING OFFICERS
OF THE GOVERNMENT AGENCIES FOR FREE?"
ANSWER: MFS works for you and with you in the
best of your interest. Marketing officers of
Ex-Im Bank and SBA tend to "sell"
you their programs, whether or not they fit
your needs. Besides, they will never fight
for you within their own administration or
will make lenders compete for your business!
Last, they do not have the "hands on"
lending experience of MFS and are too
concerned with protecting taxpayer's money to
be creative.
7) QUESTION: "CAN MFS PROVIDES
REFERENCES FROM SATISFIED CUSTOMERS?"
ANSWER: Yes, references will be given on
demand to any serious inquirer!
You may read some of our "success
stories" on the internet at:
http://austin.bizjournals.com/austin/stories/1997/04/21/focus9.html
http://baltimore.bizjournals.com/dallas/stories/1997/05/12/newscolumn3.html
http://nashville.bizjournals.com/dallas/stories/1998/03/02/newscolumn5.html
http://www.exim.gov/press/oct2398.html
http://www.exim.gov/press/sep1198.html
http://www.bisnis.doc.gov/bisnis/finance/9904exim.htm
http://www.dallaschamber.org/article000024426.cfm
