The Export-Import Bank of the United States (Ex-Im Bank) says its board of directors has doubled to $20 million an existing working capital loan guarantee to MAG IAS, based in Sterling Heights, Mich. The guaranteed lender is Burdale Capital Finance of Stamford, Conn., an asset-based lending institution with offices in New York, N.Y.
This loan increase enables MAG to handle increased foreign demand for its products, which will increase its sales and help the company maintain approximately 100 manufacturing jobs related to its export business, according to Ex-Im Bank.
MAG's Ex-Im Bank working capital loan guarantee currently enables it to support $100 million in annual exports to customers in key markets, including China, Brazil and India. The company, a machine tool and systems supplier, serves the solar energy market and several other markets.