ExWorks Capital Raises $50 Million For Premier Fund Dedicated to Financing Small and Medium-Sized Exporters
New fund supports American businesses with global growth plans
WASHINGTON, Oct. 6, 2014 /PRNewswire/ -- ExWorks Capital today announced it has successfully raised an additional $50 million USD in capital (with an option to expand to $80 million USD) with the goal of establishing a billion dollar export finance company using support from US EX-IM Bank, the Private Export Funding Corporation (PEFCO) and other financial institutions. This makes ExWorks Capital one of the largest sources of capital for small business exporters. Given the recent debate regarding the role of EX-IM Bank, it is positive to see investors respond to the important export sector of the U.S. economy, particularly for the growing numbers of small to medium sized businesses.
ExWorks Capital is quickly becoming an important player in small business exports, a segment that is typically underserved by traditional lenders.
"This is a significant accomplishment," said Timothy C. Dunne, President & CEO of PEFCO. "This demonstrates the faith the market has, not only in American businesses that want to expand abroad, but also in ExWorks Capital and the services EX-IM Bank provides to support US small business."
PEFCO's shareowners include most major commercial banks involved in financing U.S. exports, industrial companies, and financial services companies. PEFCO was established with the support of the U.S. Department of the Treasury and EX-IM Bank to assist the marketplace finance U.S. exports through the capital markets.
"The fastest way to grow our GDP and erase the trade deficit is to support American companies that want to increase their customer base abroad," said John McAdams, CEO of ExWorks Capital and newly-appointed PEFCO Board Member. "Every time we make an investment, we are helping entrepreneurs and small business owners live the American Dream."
About ExWorks Capital. ExWorks Capital is a specialty finance company established in 2013 that offers export financing solutions to U.S. exporters and qualified international buyers using EX-IM Bank loan guarantees and insurance, private insurance, letters of credit, etc. For companies that wish to outsource their export activities, ExWorks Capital can buy the product as a domestic sale and then handle international logistic and payment issues. For companies that need receivables and inventory financing for their exports, or have ongoing business and need working capital to service overseas accounts, ExWorks Capital can lend to the U.S. exporter. Should the overseas importer need more generous trade terms or longer term financing (2-10 years), ExWorks Capital can support the U.S. export with long-term loans.
About John McAdams. Mr. John McAdams is currently CEO at ExWorks Capital. Before joining ExWorks Capital, McAdams was Chief Operating Officer and Board Member of EX-IM Bank where he guided the agency's growth – authorization of $10 billion in FY 2008 to $35.8 billion in FY 2012.
About EX-IM Bank. The Export-Import Bank of the United States is the official export credit agency of the United States. EX-IM Bank's mission is to assist in financing the export of U.S. goods and services to international markets.
About PEFCO. PEFCO was incorporated on April 9, 1970 and is principally engaged in funding U.S. dollar loans to foreign importers to finance purchases of U.S. goods and services. Since its inception, PEFCO has issued $16.1 billion aggregate principal amount of Secured Notes, of which $5.9 billion aggregate principal amount were outstanding at September 30, 2013. PEFCO is currently rated AAA by Moody's and AA+ by Standard & Poor's.
For further information contact Jozsef Szamosfalvi at +1-703-752-5880 x 117 or [email protected].
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SOURCE ExWorks Capital
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