2015 News
WBC Provides $10 Million Long-Term Loan for Expanded Microlending in Mexico
MEXICO CITY, MEXICO, September 28, 2015 – WorldBusiness Capital, Inc. announced that its Latin America Lending Team closed a $10 million long-term loan to Financiamiento Progresemos, S.A. de C.V. SOFOM, ENR(Progresemos). The proceeds of the WBC loan are being used by Progresemos to expand its microlending portfolio to Mexican low-income micro entrepreneurs located in underserved regions of Mexico. Progresemos’ unique business model is based on co-lending with other partner microfinance institutions with an established customer base and local market knowledge.
WBC Closes $4.5 Million Long-Term Loan Supporting Mexican SME Sector
MEXICO CITY, MEXICO, September 14, 2015 – WorldBusiness Capital, Inc. announced that its Latin America Lending Team closed a $4.5 million long-term loan to Exitus Capital, S.A.P.I. de C.V. SOFOM, ENR (Exitus). The proceeds of the WBC loan are being used by Exitus to finance the expansion of its small and midsize enterprise (SME) lending and leasing business in Mexico. The WBC credit facility will provide long-term funding to Exitus and will help to diversify its funding sources and enhance its capacity to make attractive credit available to Mexican SMEs. The company’s business model focuses on delivering factoring, revolving and term loans, and equipment leases to the underserved Mexican SME sector. Exitus is based in Mexico City and currently employs about 30 people.
WBC Participates in Conference on Leveraging Technology for Mexico’s Financial Sector
MEXICO CITY, MEXICO, April 10, 2015 – In mid-February 2015, WBC’s Executive Vice President, Joseph Raycraft, and Vice President, Jose Gonzalez, participated in the Leveraging Technology for the Mexican Financial Sector Conference, which was held in Mexico City and sponsored by the U.S. Commercial Service. The focus of the conference was to share U.S. best practices and demonstrate U.S. technologies available to assist the Mexican banking sector’s expansion. A number of U.S. technology equipment suppliers participated in the conference, together with Mexican niche banks, non-bank finance companies, and micro lenders.
Senior WBC Executive Speaks at Expo Manufactura Event in Monterrey
MONTERREY and GUADALAJARA, MEXICO, March 11, 2015 – During the first week of February 2015, members of WBC’s Mexico Lending Team traveled to two cities in Mexico to focus on business development and due diligence related to several active loan opportunities. WBC’s Senior Vice President, Jose Gonzalez, attended Expo Manufactura, a business forum held in Monterrey bringing together Mexico’s manufacturing community. The Manufactura event introduced the latest manufacturing technologies with aim of increasing the overall competitiveness of Mexico’s manufacturers.
WBC and Türk Eximbank sign Landmark MOU to Finance U.S.-Turkish Trade
ISTANBUL, TURKEY, February 18, 2015 – WorldBusiness Capital, Inc.’s Eurasia Lending Team announced the signing of a Memorandum of Understanding (MOU) with Türk Eximbank regarding the development of an innovative Trade Financing Program designed to promote exports to, and investment in, the United States by Turkish businesses. Under the proposed program, WBC plans to offer term loans insured by Türk Eximbank for U.S.-based buyers of high-value-added products from Turkish suppliers and for U.S.-based projects involving Turkish investors and contractors. Türk Eximbank is the official export credit agency of the Turkish government and Turkey’s major export incentive instrument.