Florida aircraft parts company Exodus Aviation has received backing from the Florida Export Finance Corporation (FEFC), which it hopes will help it secure funds from financial institutions.

The one-year FEFC guarantee covers 95% of a US$300,000 credit line Exodus plans to use to fund export receivables. As part of the deal, FEFC is currently approaching financial institutions to help the company secure the amount needed.

According to the agreement, the funds can be used for all international receivables and can benefit from additional cover from the US Export-Import Bank (US Exim).

“This credit facility is important because it allows us to be competitive on the international market. This gives us the cashflow necessary to buy materials and create new jobs,” Exodus Aviation spokesperson Chris Santana tells GTR.