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ExWorks Capital Provides $3MM in Export Financing to NY Trading Company

February 02, 2015, 07:25 AM
Filed Under: Exporter

ExWorks Capital announced it has provided $3 million in export financing to a New York-based trading company.

The trading company was founded in 2004 as a parts supplier to various countries in the Middle East. After winning the 2012 U.S. Small Business Administration's (SBA) Small Business Exporter of the Year Award for Region II, the company faced a termination of their working capital facility due to a change in the market conditions.  ExWorks Capital stepped in to provide direct financing for its supply contracts through the transition period.  The company will continue its success in supplying the rehabilitation of power plants and oil fields throughout Iraq as well as a number of partners to help foster the development of the Iraqi market.

 "This agreement represents a significant step forward in assisting U.S. exporters to do business in Iraq and other difficult markets.  The current facility should allow the company to rapidly increase its volume of exports and quicken its transition to a lower-cost working capital line." Brady Edholm, Vice President of ExWorks Capital.

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