ExWorks Raises $50MM Dedicated to SME Exporters
ExWorks Capital announced it successfully raised an additional $50 million in capital (with an option to expand to $80 million) 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.
ExWorks said this makes the company 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 U.S. 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.