Suniva is the recipient of a US$15 million working capital loan guarantee from the U.S. Export-Import Bank. The company will use all three of the Bank’s products, which include project financing, receivable insurance and a working capital loan guarantee. The Export-Import Bank will guarantee 90% of a US$15 million line of credit imparted from Comerica Bank, which allows Suniva to lock in supplementary working capital towards the expansion of its export business.
“The availability of credit is important when rapidly expanding a capital-intensive business such as solar manufacturing. The Export-Import Bank guarantee for this line of credit will help us further expand our international business and increase exports to Europe, Asia and other locations throughout the world,” said James Modak (pictured), chief financial officer for Suniva. “Support from the Export-Import Bank has proven invaluable and we look forward to continuing our work together.”