USA

Auction Broadcasting Company (ABC), a highly innovative auto auction company based in Indianapolis, announced the completion and funding of a new US$60 million credit facility.

Sterling National Bank, a subsidiary of Sterling Bancorp, announced that it is extending its business presence in the southeastern United States.

The Overseas Private Investment Corporation (OPIC) and the African Trade Insurance Agency (ATI), a World Bank and pan-African state-supported Export Credit Agency established to promote trade and investment in Africa, have concluded a memorandum o

Zurich North America's Emerging Markets Solutions unit (ZEMS) has announced the signing of a political risk insurance cooperation agreement with the African Trade Insurance Agency (ATI).

DrugMax, Inc. has announced that the company has secured a three-year, US$40m credit facility with Congress Financial Corp., a subsidiary of Wachovia Bank, NA.

Two familiar faces in the Houston financial services industry have formed Briar Capital LP., which focuses on small- and medium-sized enterprises (SMEs) seeking working capital or real estate financing.

Whether Kmart Corp. should have paid several suppliers in the days after its bankruptcy filing has fuelled a legal fight between the retailer and one of its creditors.

Fingerhut Direct announced today that it has negotiated a $100 million senior secured line of credit comprised of a revolving line of credit secured by inventory and a bridge loan for consumer instalment receivables.

The protracted economic downturn and uncertainty over war in Iraq took a toll on lenders' attitudes last quarter, with most predicting the economy would perform at only a D+ level over the coming 6 months.

To read the full article giving details of programmes including loans, working capital guarantees and risk insurance, go to Article 2 April 2003: Financial assistance for exporters: SBA