News Center
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.
WBC Makes $15 Million DFC Loan to Alianza del Valle, Ecuador Savings and Credit Cooperative
QUITO, ECUADOR, December 30, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $15 million long-term loan to Quito-based financial cooperative Alianza del Valle. The loan is partially guaranteed by United States International Development Finance Corporation (DFC), America's development bank. According to Alianza General Manager Hector Rolando Cadena Lucero, the cooperative will use proceeds of WBC's loan to promote financial inclusion, primarily by expanding lending programs for women-owned small businesses through its 13 offices located in the Province of Pichincha, Ecuador.
Mi Banco of El Salvador Wins DFC Guarantee Approval for $10 Million of New Funding from WBC
SAN SALVADOR, EL SALVADOR, December 12, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $10 million loan to San Salvador-based Multi Inversiones Banco Cooperativo de los Trabajadores, S.C. de R.L. de C.V. (Mi Banco). United States International Development Finance Corporation (DFC) partially guarantees WBC’s loan, proceeds of which will be used by Mi Banco to fund growing demand for affordable local loans to lower-income individuals for home improvements, educational expenses, and heath care. Mi Banco CEO says the WBC loan will contribute to the bank’s mission of improving Salvidoreans’ quality of life.
Indian Microlender Sonata Obtains $8 Million of Growth Funding From WBC Backed by DFC
UTTAR PRADESH, INDIA, August 4, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of an $8 million loan to India’s Sonata Finance. WBC’s loan is partially guaranteed by United States International Development Finance Corporation (DFC). The funding provided by WBC will enable Sonata to offer attractive, cost-effective microfinance loans fostering business opportunities for entrepreneurs throughout Northern and Central India using the proven “self help group lending model.” Sonata Managing Director Singh said WBC’s loan to Sonata will help empower women entrepreneurs and generate employment in rural areas.
WBC Closes $7.5 Million DFC Loan to Paraguay’s Finexpar Broadening Capital Access for SMEs
ASUNCION, PARAGUAY, July 5, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $7.5 million long-term loan to Asuncion-based Financiera Finexpar S.A.E.C.A. (Finexpar). WBC's loan is partially guaranteed by U.S. Development Finance Corporation (DFC), America's development bank, which helps the private sector finance solutions to critical challenges facing the developing world. Finexpar will use proceeds of WBC's loan to expand its lending to meet growing demand for attractive capital among Paraguay’s small and medium companies.
WBC’s $7.5 Million Bancomext Loan for INOX Mexico Helps Drive Strategy in North America
QUERÉTARO, MEXICO, June 17, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of a long-term loan for $7.5 million to IMM INOX Market Messico, the Mexican affiliate of Italian stainless steel products manufacturer INOX Market Group. This Bancomext-backed second loan from WBC follows the lender’s recent $8.5 million USDA loan for construction and operation of INOX’s new manufacturing facility in Indiana. With modern operations in both Mexico and the United States, INOX now has a big competitive advantage in obtaining and servicing customers throughout the dynamic North American market.
U.S. Soy and Wheat Seed Processor Receives $10 Million USDA-Backed WBC Expansion Loan
HARTFORD, CONNECTICUT, April 20, 2022 - A company representing a critical link in America’s agribusiness supply chain received a $10 million loan under the U.S. Department of Agriculture (USDA) Business & Industry Guaranteed Loan Program, according to lender WorldBusiness Capital, Inc. (WBC). This leading seed processor is using WBC loan proceeds for capacity expansion and to increase distribution of existing and new products. Loan proceeds are being used for capacity expansion and product development.
U.S. Components Manufacturer Gets $7.5 Million Bancomext Loan from WBC for Mexican Affiliate
HARTFORD, CONNECTICUT, March 28, 2022 - The rapidly growing Mexican affiliate of a U.S. Midwest metal components manufacturer received a $7.5 million term loan from WorldBusiness Capital, Inc. (WBC) supported by Bancomext, the Mexican Government export credit and development agency. WBC enjoys a unique and innovative loan guarantee partnership with Bancomext to support U.S. and European direct investments in Mexico, and help Mexican businesses compete in the international marketplace.
Leading Peruvian Financial Co-op Pacifico Obtains $10 Million WBC Loan With DFC Backing
LIMA, PERU, February 3, 2022 - WorldBusiness Capital, Inc. (WBC) announced the closing of a $10 million term loan to Lima-based Cooperativa de Ahorro y Credito Pacifico (Pacifico). WBC’s loan, which is partially guaranteed by the U.S. International Development Finance Corporation (DFC), will help Pacifico expand its lending to meet the capital needs of small, medium, and women-led businesses located primarily outside the Lima metropolitan area. Pacifico is a regulated financial cooperative established in 1970 that offers a full suite of financial services including deposits, loans, and payment processing to its members.
India-Based SK Finance Obtains $15 Million DFC Loan From WBC Assisting Small Businesses
RAJASTHAN, INDIA, January 27, 2022 - India’s SK Finance Limited, a successful and innovative regional provider of capital to small businesses and entrepreneurs, has received an attractive $15 million long-term loan from WBC backed by United States International Development Finance Corporation (DFC), America’s development bank. WBC’s funding will support increased lending by SK through its 400 branch network and provide growth opportunities for hundreds of thousands of new and existing business customers, especially for their purchase of commercial vehicles.
Italy's INOX Group Opens Indiana Steel Plant With $8.5 Million USDA Loan From WBC
MUNCIE, INDIANA, January 10, 2022 - INOX Market Group, headquartered in Padova, Italy, opened its first stainless steel production facility in the United States, with financing provided by WorldBusiness Capital, Inc. (WBC). The new 130,000 sq. foot facility is located in Muncie, Indiana, and will produce products for the company’s U.S. customers engaged in manufacturing appliances and industrial items. WBC’s $8.5 million loan is partially backed by a guarantee from the U.S. Department of Agriculture (USDA). INOX’s new Indiana operation complements its existing Mexican subsidiary in supporting the company’s North America market presence.
Italian Manufacturer Tesmec Expands Texas Facility With WBC $10 Million USDA Loan
ALVARADO, TEXAS, January 3, 2022 - Tesmec USA, Inc., the American subsidiary of an Italian multi-national manufacturer of trencher equipment for the telecommunications and utility industries, received a $10 million loan from WorldBusiness Capital, Inc. (WBC) backed by the U.S. Department of Agriculture (USDA). Tesmec is using WBC loan proceeds to expand manufacturing capacity at its Texas facility and support the operations of a new national equipment rental business from that location. Tesmec joins a growing number of European companies investing in the North American market with financial resources provided by WBC.
India-Based Asirvad Microfinance Obtains $15 Million Loan from WBC to Support Rural Businesses
CHENNAI, INDIA, June 15, 2021 - WorldBusiness Capital, Inc. (WBC) announced the recent closing of a $15 million commercial loan to India’s Asirvad Microfinance Limited. WBC’s loan is guaranteed by United States International development Finance Corporation (DFC), America’s development bank. DFC partners with private sector to finance solutions to critical challenges involving energy, healthcare, infrastructure, and technology throughout the developing world. Funding from WBC will enable Asirvad to expand its business of providing small loans that help low-income women entrepreneurs in rural areas start and expand businesses.
U.S. Commerce Secretary Names CEO Silvers to Trade Finance Advisory Council
WASHINGTON, D.C., May, 4, 2021 – Brett N. Silvers, CEO of WorldBusiness Capital, Inc. (WBC), has been appointed by the Secretary of Commerce, Gina M. Raimondo, to serve as a member of the U.S. Department of Commerce Trade Finance Advisory Council (TFAC) through August 2022. The TFAC serves as the advisory body to the Secretary of Commerce on policy matters such as access to trade finance for U.S. exporters, including small and medium-sized enterprises, and their foreign buyers. The TFAC comprises private sector stakeholders convened by the Department of Commerce to identify and develop solutions to trade finance challenges.
WBC Appoints Anne Evans as Senior Advisor to Expand Financing for Manufacturers
HARTFORD, Connecticut, April 30, 2021 – Anne Evans, CEO of Connecticut-based Universal Strategies Limited and former Director at the U.S. Commerce International Trade Administration, has been appointed Senior Advisor at Hartford’s domestic and international commercial lending institution, WorldBusiness Capital, Inc. (WBC). Evans, with more than 40 years of experience in the U.S. and global marketplace with senior government and private sector business and trade positions, will provide WBC with market strategy and operations advisory services for its lending to the manufacturing sector.
El Salvador-Based S&L Apoyo Integral and WBC Close on $10 Million DFC-Guaranteed Loan
SAN SALVADOR, EL SALVADOR, March 8, 2021 – WorldBusiness Capital, Inc. (WBC)announced the closing of a $10 million, 10-year commercial loan to El Salvador-based Sociedad de Ahorro y Credito Apoyo Integral, S.A. (Apoyo Integral). WBC’s loan is guaranteed by U.S. International Development Finance Corporation (DFC), the U.S. Government agency that helps American businesses invest in emerging markets. Loan proceeds will be used by Apoyo Integral to expand microloans, working capital, mortgages, and home improvement loans for low-income entrepreneurs and small business owners located in rural communities throughout El Salvador.
Ecuador Cooperative Jardin Azuayo Obtains Loan of $10 Million From WBC Guaranteed by DFC
CUENCA, ECUADOR, December 11, 2020 – WorldBusiness Capital, Inc. (WBC) announced the closing of a $10 million, 10-year commercial loan to Ecuador-based Cooperativa de Ahorro y Crédito Jardin Azuayo Ltda. (Jardin Azuayo). WBC’s loan is guaranteed by U.S. International Development Finance Corporation (DFC), America’s development bank, which partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Proceeds of WBC’s $10 million loan will be used by Jardin Azuayo to support their co-op members by providing loans to micro-enterprises and SMEs in Ecuador.
WBC Provides $15 Million to India’s Avanse Financial for Educational Loan Programs
MUMBAI, INDIA, September 30, 2020 – WorldBusiness Capital, Inc. (WBC) announced the closing of a $15 million, 10-year commercial loan to India’s Avanse Financial Services Limited (Avanse). WBC’s loan is guaranteed by the United States International Development Finance Corporation (DFC), the U.S. Government agency that helps small and medium businesses invest in emerging markets. Funds from the loan will enable Avanse to expand its business of making educational loans to Indian students pursuing educational opportunities in India and other countries.
WBC, CohnReznick, Robinson+Cole Host Webinar on Loans for Mexican Operations of U.S. Firms
WEBINAR, September 22, 2020 – Please join us for a discussion about an innovative debt financing option for U.S. companies planning to expand their operations in Mexico. With WBC’s unique long-term loan program, U.S. companies no longer have to use their credit availability with U.S. lenders to finance Mexican subsidiaries and affiliates: WBC’s loans are secured only by assets in Mexico. Our panel will be moderated by Jeff White, Partner at Robinson+Cole, and includes Jeffrey W. Rossi, Managing Partner at CohnReznick, and Brett N. Silvers, President & CEO of WorldBusiness Capital, Inc. WBC’s experienced Mexico Lending Team also will be available to answer questions.
DFC’s $3.6 Billion of New Q4 Investments Include Guarantees Supporting Four WBC Loans
WASHINGTON, D.C, September 9, 2020 – The U.S. International Development Finance Corporation (DFC) Board of Directors has approved investments this quarter totaling more than $2.5 billion across nine projects that will advance development in Africa, Latin America, and emerging markets across the globe. An additional 30 investments totaling more than $1 billion, including guaranties for WBC loans in Colombia, Ecuador, El Salvador, and India totaling $45 million, were approved by the agency since its last quarterly Board meeting in June, bringing total investments approved over the quarter to more than $3.6 billion – DFC’s largest quarter ever.
Mexico Takes the Lead! And Stands to Reap Benefits from Shifting Global Supply Chains
HARTFORD, CONNECTICUT, July 2, 2020 – A lead change in soccer is an exciting time…assuming of course that your team has just taken the lead. You cheer and hope that your team can hold the lead. In international trade and investment, the game has been ongoing for decades. And the U.S.-Mexico team has been a dominant team on the field. The new United States-Mexico-Canada Agreement (USMCA) was implemented on July 1st. Mexico is now well-positioned to benefit from shifts in global supply chains brought about today’s unprecedented economic and health uncertainties. A 2020 PwC study estimates that U.S. manufacturers who move production from China could cut operating costs by an additional 23% if they near-shore to Mexico.