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In the Spotlight!
| Ethan W. Smith, Esq. |
| Ethan focuses his practice in business law, with an emphasis on government guaranteed lending, commercial lending, mergers and acquisitions, real estate, contracts, commercial and corporate law. He is a closing attorney for various lenders nationwide, and is a designated closing counsel for several Certified Development Companies that operate in Pennsylvania, New Jersey and Delaware. In addition to representing commercial lenders, Ethan represents and counsels a number of small businesses in a variety of contexts, including mergers and acquisitions, corporate governance, and contract and real estate matters.
As a closing attorney for commercial lenders, Ethan prepares and reviews loan files for SBA 7(a), 504, conventional, and USDA B&I loans, confers with in-house counsel regarding regulatory matters, handles SBA guaranty purchase issues, and drafts, analyzes and negotiates loan documents. He has closed hundreds of government guaranteed commercial loans through the SBA 7(a) and 504 loan programs, through the USDA B&I program, and has closed numerous conventional commercial financing transactions, including asset-based, real estate, and factoring arrangements. Ethan has closed numerous complex commercial transactions, often involving multi-jurisdictional issues and collateral. Ethan also represents numerous lenders in SBA licensing, regulatory enforcement, and guaranty purchase matters. As a licensed title agent in Pennsylvania and New Jersey, Ethan provides title insurance for commercial projects including purchases, refinancing and ground up construction. Through his underwriters' national networks, Ethan coordinates title insurance, escrow and closing services for his clients nationwide. |
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Best Practices: SBA's International
Trade Loans
By: Joseph A. Ernst, Esq.
| Joseph A. Ernst, Esquire |
The National Export Initiative was announced by President Obama in his 2010 State of the Union Address as a strategy to double U.S. exports over the next five years with the underlying goal of strengthening the domestic job market. One of the major goals of the National Export Initiative is to increase access to financing for small and medium size businesses that want to either start or increase exporting abroad. The expansion of financing for U.S. exports was fulfilled, in part, by The Small Business Jobs Act of 2010, which raised the limits on the SBA's three export related loans programs. This article will focus on just one of the types of loans that can be made under the International Trade Loan Program.
The Small Business Jobs Act of 2010 increased the amount of the SBA's International Trade Loans from $2 Million Dollars to $5 Million Dollars and provides the Lender with a 90% guaranty. The basic eligible uses of proceeds for International Trade Loans are: (1) to acquire, construct, renovate, modernize, improve or expand facilities and equipment to be used in the United States to produce goods or services involved in international trade (this would include the repatriation of production facilities and the construction of new capacity within the United States); (2) for working capital; and (3) for refinancing any debt that is not structured with reasonable terms and conditions [see SOP 50 10 5(E), pages 143-144].
Generally, applicants for International Trade Loans must meet the same eligibility requirements as for the SBA's standard 7(a) Loan Program. Additionally, to be eligible for International Trade Loans, applicants must be: (i) are in a position to expand existing export markets or develop new export markets; or (ii) small businesses that have been adversely affected by international trade and can demonstrate that the loan proceeds will improve their competitive position [see SOP 50 10 5(E), page 129]. To establish that the applicant is in a position to expand or develop export markets, the applicant for an International Trade Loan must submit an export business plan that contains enough information to reasonably support the likelihood of expanded export sales [see SOP 50 10 5(E), page 129]. To establish that the business has been adversely affected by import competition and that the International Trade Loan will allow the business to improve its competitive position, the applicant must demonstrate injury attributable to increased competition from foreign companies in the relevant market or the applicant can submit a finding of injury by the International Trade Commission or the Secretary of Commerce [see SOP 50 10 5(E), page 129]. In all cases, the applicant must also be able to demonstrate that the International Trade Loan will allow the applicant to improve its competitive position [see SOP 50 10 5(E), page 129].
In conclusion, any lender making International Trade Loans needs to be fully aware of the eligible use of proceeds and the additional eligibility requirements for this type of loan.
For more information on International Trade Loans contact Joseph at (215) 542-7070 or at JErnst@StarfieldSmith.com.
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Seminars and Events
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SBA Lending Update 2013: Trends, Regulations & a look at SOP 50 10
Presented By: Community Bankers Webinar Network
Instructors: Kimberly A. Rayer & Janet M. Dery
Date: February 28, 2013
Time: 3:00 pm ET
Location: Webinar
For more information about this event and/or to register, click here.
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Did You Know...
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...that Starfield & Smith, PC helps lenders nationwide preserve and protect the SBA guaranty? From eligibility issues, to documentation and closing, to servicing and liquidation, we assist lenders that place a premium on protecting the guaranty.
For more information about this and other services Starfield & Smith, P.C. provides its clients, please contact Ethan Smith at (215) 542-7070 or at ESmith@StarfieldSmith.com.
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Starfield & Smith, P.C.
Pennsylvania Offices:
1300 Virginia Drive | Suite 325
Ft. Washington, PA 19034
phone: (215) 542-7070 | fax: (215) 542-0723
2000 Market Street | Suite 500
Philadelphia, PA 19103
phone: (215) 542-7070 | fax: (215) 542-0723
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Florida Office
1101 North Lake Destiny Road| Suite 105
Maitland, FL 32751
phone: (407) 667-8811 | fax: (407) 667-0020
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California Office
2955 Main Street, Second Floor
Irvine, CA 92614
phone: (949) 333-4108| fax: (949) 679-1709
Loan Documentation | Closing | SBA Guaranty Purchase
Franchise Consultation | Regulatory Compliance
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