Program has advanced more than $1.5 billion to American small- and medium-sized businesses since 2020
Orlando, Fla. (April 4, 2023) – On February 23, the Board of Directors of the Export-Import Bank of the United States (EXIM) unanimously approved a second renewal of a 90-percent guarantee of a $200 million purchase facility for U.S. companies in the supply chain of the United States Steel Corporation (U. S. Steel) under the EXIM Supply Chain Finance Guarantee program.
LSQ is the platform provider and originator of U. S. Steel’s supply chain finance program. Funding for supplier early payments is provided by Huntington National Bank.
“We are honored to be a part of this innovative supply chain finance program and proud to support the efforts to help the small- and medium-sized businesses that make up U. S. Steel’s supply chain,” said LSQ Executive Vice President Miguel Serricchio, who is a member of EXIM’s Council on Small Business. “In the face of industry headwinds, all involved should be commended for their efforts to keep production rolling and growing American jobs.”
The transaction supports U. S. Steel’s network of U.S. suppliers to increase their access to capital and will support up to $800 million in export sales of steel and iron ore. The transaction will support approximately 700 jobs in states across the country, including Pennsylvania, Kentucky, West Virginia, New Jersey, Illinois, Alabama, Missouri, Indiana and Texas.
“I am proud to approve this transaction as this finance guarantee supports American suppliers in times where credit markets are volatile,” said EXIM President and Chair Reta Jo Lewis. “EXIM is dedicated to reinforcing American exports and strengthening small businesses and I am pleased to know that by approving this renewal, we are supporting 23 active suppliers, many of which are small businesses, as they continue to improve our nation’s economic security.”
Since its inception in late 2020, the partnership between LSQ, Huntington and EXIM has resulted in more than $1.5 billion in early payments being extended to U. S. Steel scrap and coal suppliers.
“At Huntington, we’re deeply committed to supporting our customers and the communities in which they operate,” said Andy Arduini, Senior Managing Director of Huntington Global Advisory & Working Capital Finance. “Having the opportunity to collaborate with the EXIM Bank and LSQ to deliver a customize solution to support suppliers of such an iconic Pittsburgh-based company is truly an honor for us.”
About EXIM | exim.gov
EXIM contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations have directly supported small businesses.
About LSQ | lsq.com
LSQ is a market leader and pioneer in working capital finance and payments solutions. For more than 25 years, LSQ has leveraged innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize their working capital, automate and accelerate payments, manage collections, and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack platform to help them obtain the funds they need to grow and thrive. LSQ is headquartered in Orlando, Florida. Learn more at www.lsq.com.
About Huntington | huntington.com
Huntington Bancshares Incorporated is a $183 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.