|By PR Newswire||
|April 17, 2014 03:01 PM EDT||
WASHINGTON, April 17, 2014 /PRNewswire-iReach/ -- Washington DC – With the launch last year of ExWorks Capital, LLC, a specialty lender, which offers export financing solutions to underserved U.S. small to medium sized enterprises (SME's) and their qualified international buyers using U.S. Export-Import Bank (ExIm Bank) loan guarantees and insurance, we achieved three important milestones in the first quarter of 2014:
1- ExWorks Capital was awarded "High" level delegated authority by ExIm Bank to provide export working capital guaranteed loans to the exporters we underwrite without delays that can be caused by approaching the agency directly. The fact, that ExWork's Capital obtained this authority so quickly and at such a high level is seen as a vote of confidence in our management team and our focus on the SME marketplace.
2- ExWorks Capital approved its first ExIm Bank guaranteed line of credit for a $2.5 million exporter selling products to Mexico.
3- ExWorks Capital has also been approved by ExIm Bank as an Export Trading Company to participate in the multi-billion dollar export program established between China Export-Import Bank and the U.S. government.
ExWorks Capital CEO, John McAdams, stated: "We are excited about these milestones because it demonstrates our commitment to assist SME's expand their presence internationally. There are huge markets outside this country. In fact, 80% of the world market is outside of the U.S. At ExWorks, we plan to be part of the solution in growing these valuable markets."
About ExIm Bank
ExIm Bank is the official export credit agency of the United States whose mission is to assist in financing the export of U.S. goods and services. It enables U.S. companies – large and small – to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy. This federal government agency does not compete with private sector lenders but provides export financing products to financiers such as ExWorks Capital to fill gaps in trade financing by assuming credit and country risks that the private sector is unable or unwilling to accept. It also provides the necessary support to level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters. With more than 78 years of experience, ExIm Bank has supported more than $550 billion of U.S. exports, primarily to developing markets worldwide.
About ExWorks Capital
ExWorks Capital is a joint venture between Interlink Capital Strategies (www.interlinkdc.com), a 20 year old, Washington, DC-based, financial consulting firm focused on frontier and emerging markets, and RedRidge Finance Group (www.redridgefg.com), an asset-based lender based in Chicago. Under the leadership of John McAdams, formerly the Chief Operating Officer and Vice Chairman of ExIm Bank, ExWorks Capital has assembled a seasoned team of executives dedicated solely to the financing of U.S. exports. Uniquely, ExWorks Capital can act as an export trading company, thereby converting an overseas sale into a domestic sale by buying the goods ex works from the U.S. business, handling the logistics and providing whatever terms are appropriate to the overseas buyer to facilitate the sale. ExWorks Capital is also a lender, providing export working capital to U.S. businesses and/or financing to overseas buyers for the purposes of purchasing the U.S. produced goods and services.
Media Contact: Brady Edholm, VP, ExWorks Capital, 703-752-5880 ext. 165, [email protected]
Media Contact: Sophie Yun, Interlink Capital Strategies, 7037525880 ext. 153, [email protected]
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SOURCE ExWorks Capital
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