Suniva, a manufacturer of monocrystalline silicon solar cells and modules, has received a $15m working capital loan guarantee from the US Export-Import Bank (Ex-Im Bank).

The guarantee allows for the company to secure additional working capital as needed and further expand its export business.

The Ex-Im Bank will guarantee 90% of the $15m line of credit provided by Comerica Bank.

Suniva chief financial officer James Modak said that the availability of credit is important when rapidly expanding a capital-intensive business such as solar manufacturing.

"The Ex-Im Bank guarantee for this line of credit will help us further expand our international business and increase exports to Europe, Asia and other locations throughout the world," Modak said.