The Plaza Group announced today that it has secured a new $10 million line of credit from Wells Fargo Business Credit, Inc. to fund the business credit needs of the growing Houston-based international petrochemical marketing company.
Randy Velarde, President of The Plaza Group, commented on the new line of credit, saying, “In a tough economy like this, we are excited to be able to continue to pursue our growth initiatives with the help of partners like Well Fargo. This is a new relationship for us, and, as in all our business liaisons, we choose our partners carefully. We could not be more happy with the service we’ve received from everyone at Wells Fargo and look forward to a continuing relationship with them.”
In the past several years, The Plaza Group has significantly increased its global presence with the signing of marketing agreements in the Middle East and South America. Velarde indicates this new line of credit will enable the company to continue to play an even larger role in international petrochemical marketing.
Wells Fargo Business Credit, Inc. (WFBCI), a commercial finance subsidiary of Wells Fargo & Company, provides asset-based lending secured by accounts receivable, inventory, equipment and real estate for small- and middle-market businesses. Typical loan amounts range from $1 million to $30 million or more. With assets in excess of $2 billion and 27 asset-based lending offices throughout the country, WFBCI is one of the nation’s largest commercial finance companies.