United Solar Ovonic LLC is using a $25 million revolving credit line guaranteed under the Fast Track Working Capital Guarantee Program of the Export-Import Bank of the United States (Ex-Im Bank) to finance the export of its thin-film solar laminates to customers in Europe and Asia.
The bank's Fast Track program helps small- and medium-sized U.S. exporters to obtain larger working-capital loans in less time, the company says. Experienced lenders that qualify for the program can provide up to $25 million per borrower in Ex-Im Bank-guaranteed working capital financing, subject to a total aggregate limit of $300 million per lender.
‘Increasing support for renewable-energy exports is a top priority at Ex-Im Bank,’ says Linda Conlin, Ex-Im Bank's vice chairman and head of its environmental exports program. ‘We're delighted to support the export growth of United Solar Ovonic and Energy Conversion Devices and the jobs in Michigan that are being created and sustained by this growth.’