ExWorks Capital Acquires World Trade Finance
ExWorks Capital announced the acquisition of World Trade Finance of Burbank, CA, a 25-year-old specialty lender active in both the U.S. Export-Import Bank (ExIm) and Small Business Administration (SBA) financing programs.
ExWorks Capital is an active ExIm guaranteed lender with High Level Delegated Authority, which allows ExWorks to underwrite transactions efficiently without agency delays. By acquiring World Trade, ExWorks Capital now has ability to extend SBA export working guaranteed loans up to $5 million, and allows it to be more flexible with goods sources from both the U.S. and overseas as well as military-related products.
“We are taking additional steps to create the premier export finance company in the U.S. with a focus on small to medium sized exporters. Our seasoned team of officers welcomes the management of World Trade, which together makes us uniquely qualified to provide international finance solutions to our customers,” said Alan Beard, managing director at ExWorks Capital.
In parallel, ExWorks Capital also closed on one of the largest credit accommodations from California Bank & Trust to support the expected increase in funding World Trade will need as it grows its current loan portfolio beyond the West Coast. World Trade had been a longstanding customer of CB&T, which complemented the institutions own international capabilities.
Bernd Hermann and Irene Kuo founded World Trade almost 25 years ago and have successfully supported almost $1 billion of U.S. exports.
Hermann said, “We are pleased to transition from a regional lender to provide our unique capabilities to customers across the U.S. With additional capital and an experienced management team, this partnership will be a real asset in the export community.”