2023 News
New $10 Million DFC Loan From WBC Funds Growth of Ecuador's Daquilema Financial Co-op
QUITO, ECUADOR, November 28, 2023 - WorldBusiness Capital, Inc. (WBC) disbursed a $10 million long-term loan to Cooperativa Daquilema in Ecuador with guarantee backing from DFC. Notably, 50% of the loan funds are allocated to support indigenous women entrepreneurs. The financial cooperative’s General Manager, Engineer Pedro Khipo, thanked WBC and DFC, saying the new funding will enable more more people to access the credit necessary to make their projects and businesses flourish, as well participate actively in the economic development of the country.
WBC Finances Expansion of Gainwell Engineering in West Virginia with $5 Million USDA Loan
HICO, WEST VIRGINIA, November 1, 2023 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $5 million, 15-year loan to Gainwell Engineering, a servicer and seller of mining equipment located in the heart of Appalachia. Proceeds of the loan, which is partially guaranteed by USDA, are being used for inventory and equipment purchases, and facility improvements. Jason Sizemore, General Manager, said the company plans to double its workforce in West Virginia over the next two years. Gainwell Engineering is a wholly-owned subsidiary of Kolkata, India-based Gainwell Group, one of India’s leading Caterpillar equipment dealers.
Italy’s Tesmec USA Meets Infrastructure Opportunities with $7.5 Million USDA Loan From WBC
ALVARDO, TEXAS, August 1, 2023 - WBC announced its closing of a $7.5 million long-term loan to Tesmec USA, Inc., a leading manufacturer and servicer of trenching equipment used in road-building, telecom, and renewable energy infrastructure - key sectors experiencing rapid growth. WBC’s new USDA-guaranteed loan supplements long-term financing WBC provided to Tesmec in late 2021. Alessandro Possenti, Chief Financial Officer of Tesmec USA, remarked, “We welcome the opportunity to expand our partnership with WBC and USDA, which has already resulted in needed funding to facilitate the current and future growth of our business.”
Dan Whalen Promoted to New Role as WBC's Executive Vice President & Chief Credit Officer
HARTFORD, CONNECTICUT, July 28, 2023 - WorldBusiness Capital, Inc. (WBC) announced the promotion of Dan Whalen to Executive Vice President & Chief Credit Officer, together with his appointment to the company’s Executive Management Committee. Mr. Whalen joined WBC in January 2020 and has played an important role in assuring the continuing quality and growth of WBC’s domestic and international loan portfolios. Brett Silvers, WBC’s President & CEO, observed, “Dan is a highly accomplished commercial credit professional. Our company will benefit enormously from Dan’s leadership of this critical function and contribution to the executive team.”
WBC Finances Pennsylvania-Based Egg Processor R.W. Sauder with $12.5 Million USDA Loan
LITITZ, PENNSYLVANIA, January 17, 2023 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $12.5 million USDA-guaranteed long-term loan to R.W. Sauder, Inc., a leading processor and distributor of conventional, specialty shell, and hard-cooked eggs. Loan proceeds are being used to provide permanent working capital and fund equipment purchases to support Sauder’s continuing operational improvements and growth initiatives. Mark Sauder, the 90-year old company’s CEO and 4th generation owner, remarked, “We are pleased to enter into this relationship with WBC, which is providing stable capital critical to help achieve our goals.”
WBC Closes $5.5 Million USDA Loan to Fragrance Manufacturer Belcam Under New Ownership
ROUSES POINT, NEW YORK, January 2, 2023 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $5.5 million, 20-year loan to Upstate New York-based Belcam, a leading manufacturer of fragrances, bath products, and beauty tools. WBC loan proceeds were used to finance the acquisition of Belcam and equipment purchases to expand capacity. WBC’s loan is partially guaranteed by USDA. Chris Fuller, Managing Partner of private equity acquirer Verus Investment Partners, and James Burke, Belcam CEO, commented positively on WBC’s financial support, and Belcam’s prospects and commitment to its upstate New York community.