Global Food Exchange, a leading provider of supply chain management solutions for the global food industry, and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have partnered to offer online financing to Global Food Exchange users. Under the agreement, First International Bank will offer 14 commercial and international credit products to Global Food Exchange users, up to US $5 million per transaction.
Global Food Exchange and First International Bank will integrate these online financing options using ThruCredit(sm), the bank’S technological solution for financing industrial transactions online. Users will be able to choose among 14 credit products comprising First International’s e-CreditMenu(sm) to settle transactions using the Global Food Exchange platform, and to meet their other business credit needs. Products in the e-CreditMenu range from basic payment guarantees, working capital lines, equipment loans and industrial mortgages to sophisticated international trade, barter and energy financing programs.
“The alliance with a forward-thinking financial institution like First International Bank is just another step in executing our vision as the leading supply chain integration provider to the perishables food industry,” said Mark Moore, president and co-founder of Global Food Exchange. “Our leading edge Internet technology links historically fragmented processes including order management, logistics, inspections, and financial services. Both buyers and sellers will benefit from these financial offerings.”
First International Bank will underwrite loans and other facilities appearing in the e-CreditMenu in accordance with Riscope(sm), the bank’s proprietary commercial credit scoring system. Riscope applies to most types of industrial companies around the world and facilitates an efficient and rapid credit approval process.
According to Brett N. Silvers, First International Bank’s chairman and CEO, “Global Food Exchange is a leader in driving increased efficiency in the global food industry. The convenience of First International’s ThruCredit online financing is a perfect complement to Global Food Exchange’s ground breaking efforts. We are very pleased to unite with Global Food Exchange to deliver a wide range of flexible financing options to buyers and sellers on their site.”
This new service offering comes on the heels of Global Food Exchange’s recent announcement of the partnership with the National Fisheries Institute (NFI), a trade association that represents more than 700 companies involved in all aspects of the seafood industry.
First International Bank has been the largest underwriter of U.S. Export-Import Bank supported loans for the past three years, based on number of transactions. In May 2000, First International won the President’s “E” Award for Export Service from the U.S. Department of Commerce, honoring the company’s accomplishments in promoting U.S. exports.
About Global Food Exchange
Global Food Exchange is the leading supply chain integration provider for the food industry. Combining industry expertise and superior technology, Global Food Exchange provides seamless process and information flow from need to fulfillment. The solution increases buyer efficiency, reduces inventory and logistics costs, expands market access, and allows better category management and quicker response to changing consumer needs. A full service solution, Global Food Exchange was developed for grocery, foodservice and manufacturing companies in perishables food industry. For more information call (404) 872-4489 or visit www.GlobalFoodExchange.com.
About First International Bank and First International Bancorp Inc.
First International Bank (www.firstinterbank.com) – a world leader in the use of SBA, USDA and Export-Import Bank loans – provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.