Exela Pharma Sciences

Thomas USAF originated this $25,000,000 USDA B&I CARES Act Loan to Exela Pharma Sciences located in Lenoir, North Carolina. The loan proceeds will be used to provide working capital to support the companies’ increased costs in manufacturing due to the COVID-19 pandemic and response to the increased demand for injectable drugs.

Over the last 7 years, Thomas USAF originated loans (7 USDA B&I, 1 SBA and 1 USDA Working Capital), totaling $95 Million to Exela Pharma Sciences and its subsidiaries.  These loans were made by 5 USDA B&I and SBA lenders (Live Oak Bank, Greater Nevada Credit Union, Community Bank &Trust, Touchmark National Bank and Metro City Bank).  We sincerely appreciate the guidance and leadership of Bruce Pleasant, North Carolina’s USDA Program Director, and his staff who have been working with Exela since 2014.

Exela is situated in Caldwell County, which suffered devastating unemployment of 17% in 2008 due to loss of furniture manufacturing jobs to outsourcing. In 2020, the unemployment rate was at less than 4%. Exela has been credited as having a significant impact on this turnaround because of its rapid growth and high quality, high paying jobs (two times the average county earnings). Exela received awards from the State of North Carolina (from Governor Roy Cooper, for manufacturing excellence), from USDA lenders (for creating 400+ jobs in a rural economy) and from Premier, Inc. (the second largest Group Purchasing Organization, GPO) which represents over 4,000 hospitals in the country (for outstanding supply chain commitment and alleviating drug shortages).  In summary, Exela is a text-book example of what USDA’s B&I loan programs can do for rural communities and rural borrowers.