FOR IMMEDIATE RELEASE July 13, 2005
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. - Warren & Baerg Manufacturing Inc. (WBM), a small family-owned business in Dinuba, Calif., is hiring four new employees- a 20% increase - to fill an Australian order for hay cubing equipment, backed by a $125,000 working capital loan guaranteed by the Export-Import Bank of the United States (Ex-Im Bank).
The Ex-Im Bank-guaranteed loan was provided by World Trade Finance, Los Angeles, Calif., which, as an Ex-Im Bank Delegated Authority Lender, can provide Ex-Im Bank-guaranteed financing on a streamlined basis without prior approval from the Bank.
This transaction has helped Warren & Baerg create four new jobs, increased our revenues and opened up a larger market for us in Australia, said WBM President Randy Baerg. World Trade Finance and Ex-Im Bank's support are essential for a small business like Warren & Baerg. It is through the help of companies like these that we've become the largest cubing equipment manufacturer in the world.
Ex-Im Bank is pleased to assist export-oriented small agricultural equipment businesses like Warren & Baerg Manufacturing in creating skilled U.S. jobs while expanding sales in emerging markets, said Ex-Im Bank Chairman Philip Merrill.
The 25-employee company, located in California farm country, manufactures equipment that compresses materials into cubes, including alfalfa hay for feedlot, dairy and horses applications. The Ex-Im Bank-guaranteed loan gave WBM enough capital to fill an order for a grinding system and metering system from a family-owned business in Australia. WBM sells to customers on all five continents.
Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. The bank has no minimum transaction size. In fiscal year 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. For more information, visit www.exim.gov, or contact one of Ex-Im Bank's Western regional offices at (415) 705-2285, (562) 980-4580, or (619) 557-7091.