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Many small and midsize firms consider overseas sales as crucial to sustained growth, and banks are responding by beefing up their trade-finance units.
July 5
The Overseas Private Investment Corp.'s board of directors has approved a $200 million financing guarantee that will support Wells Fargo's lending to U.S. small and midsize firms that have set up shop abroad.
Funds will be delivered through the Wells Fargo U.S. Bankers Guaranteed Lending Facility, which is designed to assist small- and medium-sized enterprises that do business in more than 150 countries where OPIC is authorized to operate.
Established as an agency of the U.S. Government in 1971, OPIC supports new and expanding business enterprises worldwide, particularly in emerging markets.
The March financing marks OPIC's second facility to Wells Fargo's lending program for small- to medium sized global entrepreneurs, following $100 million in 2007 when the program started. To date OPIC has supported more than $200 billion of investment in over 4,000 projects.
