Wells Fargo has loaned US$7mn to two US SMEs for the export of nitrogen pumps to an energy company in Singapore.
The loan will be guaranteed by US Ex-Im and is the first loan that Wells Fargo has made under the ECA’s medium-term delegated authority (MTDA) programme.
Fred Hochberg, US Exim president, comments: “By our delegating lending authority to Wells Fargo, we shorten the process for obtaining guaranteed loans for exports that sustain US jobs. That way, US Exim keeps its pledge to provide government services at the speed of business.”
Wells Fargo’s vice-president for structured trade finance, Jeramie Maxwell, adds: “This MTDA transaction is a first for Wells Fargo, and we look forward to expanding our participation. This US Exim programme is a great solution to help US businesses compete in the global marketplace.”
The US SMEs are Compression Leasing Services in Wyoming and Generon IGS in Houston.