Sanction Waiver Helps Small Businesses
Written by Jenna Weiner
Planson International Corporation to provide computers to Sudan
Thanks to a recent order by President Barack Obama, a woman-owned company in New Gloucester, Maine will be able to sell products to Sudan as the African nation prepares for a critical election.
Planson International Corporation, a trusted supplier to the UN system, NGOs, the US government, International Finance Institution borrowers, USAID projects, and emerging market private sector clients, will export computers to the country thanks to a $1.5 million revolving working capital loan guarantee from the Export-Import Bank of the United States.
"We are very pleased that Ex-Im Bank financing will enable Planson International Corporation to make this sale, and we're proud to see American technology being used as part of the democratic election process in Sudan," said Ex-Im Bank chairman and president Fred. P. Hochberg.
To allow the transaction, Obama waived a portion of the Trade Sanctions Reform and Export Enhancement Act that prohibits U.S. export assistance, credit and guarantees for commercial exports to Sudan. The presidential order cited "the national security interest of the United States" as the rationale for allowing the loan guarantee. The lender of record for the transaction is Bank of America.
Obama made news for small business recently after announcing that November 14 though 20, 2010 would be National Entrepreneurship Week. Events throughout the week will honor and support those who start their own businesses.
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