2019 News
Mohegan Renewable Energy in Mississippi Receives WBC Loans of $7.5 Million Backed by USDA
UNCASVILLE, CONNECTICUT, October 15, 2019 – WorldBusiness Capital, Inc. (WBC) announced the closing of $7.5 million in long-term financing for Mohegan Renewable Energy (MS) LLC (MRES), a manufacturer of utility-grade wood pellets and a business diversification vehicle of The Mohegan Tribe of Connecticut. WBC’s funding is being used for equipment acquisition, facilities improvement, and operation of an existing commercial scale manufacturing plant for the production of wood pellets exported to the United Kingdom. WBC’s loan is guaranteed by the U.S. Department of Agriculture (USDA) under the Business and Industry (B&I) Guaranteed Loan Program.
Small and Midsize Firms with Global Ambitions Find Financing and Expertise in Connecticut
HARTFORD, CONNECTICUT, September 23, 2019 – When a husband and wife team took over an embryonic Connecticut food manufacturing business, they had a vision for growing it into a much larger operation. The couple had a solid base: a fully integrated operation with a production facility in India and established distribution to the U.S., Canada, and Australia. But to substantially grow the enterprise, they needed financing – something not easy to come by, since traditional banks typically offer international lending only for larger, more established companies. Enter Hartford-based WorldBusiness Capital.
WorldBusiness Capital Closes $7.5 Million of USDA – Guaranteed Loans to Seitz in Connecticut
TORRINGTON, CONNECTICUT, May 7, 2019 – WorldBusiness Capital, Inc. (WBC) announced the closing of $7.5 million in long-term financing for Seitz LLC, a leading manufacturer of custom plastic injection molded components founded in 1949 and serving a wide range of industries. WBC’s financing includes a $5 million 15-year loan to re-finance existing high-cost short-term debt, and a $2.5 million 15-year loan for facility improvements and purchases of new production equipment. Both WBC loans are guaranteed by the U.S. Department of Agriculture (USDA) under its Business and Industry (B&I) Guaranteed Loan Program.
Mexico’s Manufacturing Supply Chain Summit Generates Interest in WBC Loan Programs
EL PASO, TEXAS, May 7, 2019 – WorldBusiness Capital, Inc. (WBC), a top lender to middle market businesses, projects and financial institutions in Mexico, attracted significant interest in its loan programs during the 11thAnnual Mexico Manufacturing Supply Chain Summit held in March in El Paso, Texas. WBC was an active participant in the conference, which is sponsored by the international business publication, MexicoNow. WBC focuses on lending to businesses and projects in Mexico with significant growth potential, including the automotive, aerospace, electronics, and medical sectors.
WorldBusiness Capital Closes Second $10 Million OPIC Loan to Mexico’s Operadora Mega
JALISCO, MEXICO, April 8, 2019 – WorldBusiness Capital, Inc. (WBC) announced the closing of a new commercial term loan of $10 million for Mexico’s Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. (Operadora Mega). WBC’s loan is guaranteed by Overseas Private Investment Corporation (OPIC), the U.S. Government agency that helps American businesses invest in emerging markets. Proceeds of WBC’s loan will enable Operadora Mega to expand its lending capacity for loans and leases to small and medium-sized businesses throughout Mexico. This is WBC’s second loan to Operadora Mega.
WBC Makes $7.5 Million USDA Loan to Grand Island for New Holiday Inn in Upstate New York
CHEEKTOWAGA, NEW YORK, March 21, 2019 - WorldBusiness Capital, Inc. (WBC) announced the closing of $8 million in permanent long-term financing for a newly-constructed 53,000 sq. foot Holiday Inn Express hotel in Grand Island, New York, located in close proximity to Niagara Falls. The project’s sponsors include Grand Island Hotels, LLC and the experienced hotel management firm, Rudra Management, Inc. WBC’s financing is partially guaranteed by the U.S. Department of Agriculture (USDA). Jayesh Patel, Rudra’s CEO, remarked, “WBC stepped up with a highly attractive long-term loan solution that is very helpful to our operation of a seasonal business.”
Bancomext Backs $8.5 Million WBC Loan For Mexico Operations of Wolverine Metal Stamping
SAINT JOSEPH, MICHIGAN, January 24, 2019 - WorldBusiness Capital, Inc. (WBC) announced the closing of an $8.5 million to Michigan-based Wolverine Metal Stamping, Inc. (Wolverine). WBC made the loan with partial guaranty support from Bancomext, the Government of Mexico’s development bank and export credit agency. Wolverine is using WBC loan proceeds to expand the production and export capacity of its existing Mexican operations. Eric Jackson, President of Wolverine, stated, “This long-term financing solution from WBC will support…our operations in Mexico…and increase our production capabilities in metal stamping for the appliance, electronic, and automotive industries.”