The $5 million term loan for Andrew & Williamson Sales, a company that grows and ships fresh fruits and vegetables, will be used to finance building infrastructure in Mexico. The Trade Bank funded the term loan, supported by a guaranty from the Overseas Private Investment Corporation (OPIC) under their Enterprise Development Network.
“The Trade Bank understands the financial needs of middle-market companies doing business in foreign countries,” said Sanjiv Sanghvi, president and CEO of the Trade Bank. “We offer customers such as Andrew & Williamson Sales our experience in working with OPIC to help support their growth and financial success.”
Andrew & Williamson works with growers from Mexico to provide a consistent supply of premium quality produce to customers in the U.S. during those times when the U.S. does not have sufficient supply to meet the demand. Obtaining financing with the assistance of OPIC was key to setting up operations in Mexico. In addition to building a packing facility, Andrew & Williamson is building the infrastructure needed for employee housing, a medical facility, daycare, school and store. This will allow the laborers needed to work in the greenhouses to relocate along with their families.
“This newly built community will help create jobs and provide comfortable living for families” says Fred Williamson, CEO of Andrew & Williamson Sales, “We not only see a successful future for our business, but also a positive impact on both economies."
OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.
In cooperation with OPIC, the Trade Bank can provide lending in U.S. dollars to finance investments located within OPIC-eligible countries. The Trade Bank is the only delegated lender under OPIC’s new Economic Development Network (EDN) program which facilitates efficient delivery of funding to creditworthy U.S. business with foreign investments. Loans range from $2 million to $15 million with tenors from two to seven years.
Wells Fargo & Company is a diversified financial services company with $622 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA."