Exela is a growth-stage pharmaceutical development and manufacturing company in North Carolina. Due to the uncertainties in the nature of our business (e.g., FDA) approvals, patent litigation, market size fluctuations, fierce competition from overseas, ect.) our revenues are not consistently predictable. Given the poor state of the economy it has been quite challenging to raise funds from both the credit and the equity. Our primary bank (one of the top three in the country) with which we have had a banking relationship for over 8 years practically abandoned us.
First State Bank however, was willing to spend the time to conduct an in-depth review to understand our business, then visited our facility and met with the management team and employees. The bank the shepherded the complicated SBA loan process and persisted, despite many hurdles. Without First State Bank's dedicated team and commitment, we would not have obtained the SBA loan. We are thankful to the SBA and to First State Bank because this loan will help us get to the next state of our growth; and continue to create additional jobs in the disadvantaged Caldwell County are of North Carolina. In my view, First State Bank is a visionary bank that is able and willing to think outside of the box- exactly the kind of bank for our progressive company.
Exela Holdings, Inc.
Phanseh Koneru, Ph.D. LL.M., President & CEO
Customer since 2013