The Little Venice Institute LLC U.S. Export Management Company
(407) 962-5491
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Program

How GSM-102 works

The Little Venice Institute LLC, U.S. Export Management Company

GSM-102 is the Export Credit Guarantee Program of the Commodity Credit Corporation. USDA’s Foreign Agricultural Service administers it. The steps below are how a sale is structured when The Little Venice Institute LLC acts as the export management company. They are not the program regulation.

The guarantee is provided by the Commodity Credit Corporation. It covers most of the principal owed to the U.S. lender against the foreign bank’s default. This company does not issue the guarantee. Confirm the term that applies on the USDA FAS site before a sale is signed.

  1. 1

    Buyer identified

    A buyer is identified. For this company, the buyers are mid-to-large importers, distributors, and processors in Latin America, with a primary focus on Venezuela.

  2. 2

    Irrevocable letter of credit

    The buyer’s bank, which must be on the CCC-approved foreign bank list, issues an irrevocable letter of credit.

  3. 3

    GSM-102 guarantee

    The U.S. exporter applies for a GSM-102 guarantee. The guarantee is provided by USDA’s Commodity Credit Corporation and covers most of the principal owed to the U.S. lender against the foreign bank’s default.

  4. 4

    Credit terms

    This can enable credit terms of up to 18 months. The term for a given sale is the term CCC sets.

  5. 5

    Payment through the letter of credit

    Payment flows through the letter of credit upon shipment documents.

Role of this company

The Little Venice Institute LLC is applying for GSM-102 exporter qualification. The application is pending. It provides financial structuring and supply chain facilitation. It does not manufacture and it does not hold inventory. It is not the issuing bank and it is not the Commodity Credit Corporation.

Where the rules are published

Official terms, coverage, eligible commodities, destinations, and approved foreign banks are published by USDA. This company does not speak for USDA.

Qualification and commercial inquiries

USDA FAS analysts, foreign buyers, banks, and U.S. suppliers may write to the company using the contact page.

Compliance identifiers Contact the company