Tag: exportersforex-im

Tennessee Mat Maker Is Expanding With Help Of Ex-Im

Wearwell Inc. is a small Tennessee company that makes rugged and long-lasting mats used on factory floors around the world.

It’s a second-generation company and has about 100 employees who work nearly around the clock in a 150,000-square-foot facility. The company provides retirement benefits to their employees, offers them health care, and makes WWL-now (1)products stamped with the words “Made in the U.S.A.”

Given this, Chief Executive Steve Goldsmith said he is worried that some lawmakers appear willing to end a program – the U.S. Export-Import Bank – that has helped them grow.

“All these people talk about creating jobs. We’re hiring. We’re expanding. We’re a U.S. manufacturing company,” Mr. Goldsmith said. “The Export-Import Bank is the kind of thing that benefits us. It strikes me as odd, you think we’re the company lawmakers want to help.”

Wearwell is just one of the thousands of companies around the United States that use the Ex-Im Bank to create and support jobs. The Ex-Im Bank has supported 1.2 million jobs over the last five years, and those jobs are at risk if Congress doesn’t reauthorize the Bank by the end of September.

Mr. Goldsmith said the company started using the Ex-Im Bank several years ago. “Coming out of the recession, we were going strong but decided we wanted to diversify” and start going international, he said.

He said their mats can be found on factory floors, including large automotive factories, throughout the United States and Europe. He said the company tried going to private sector lenders first to get help, but private banks wanted to charge them $20,000 or more in premiums for insurance before they even exported anything.

“To start with a $20,000 credit insurance bill before you have any sales is kind of onerous,” he said.

Insurance, Mr. Goldsmith said, is necessary when working overseas, and he asserts the Ex-Im Bank’s pay-as-you-go credit insurance is better.

“I really have no knowledge or ability to collect bills overseas if someone decides not to pay me,” he said. But when the Ex-Im Bank is involved, people know to pay up or they’ll have to deal with the U.S. government.

Mr. Goldsmith said people in foreign countries generally take pride in buying American-made products and U.S. politicians should take note of that.

“This is creating jobs and this is getting U.S. products out there,” he said. “We wouldn’t be able to do that without Ex-Im. There’s a certain prestige around the world to having U.S.-made products.”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

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Exporters for Ex-Im: Milwaukee Business Owner Says ‘Point Blank’ Ex-Im Has Helped Him Create Jobs

Bill Maxon is the second generation of his family to run Maxon Industries Inc., a Milwaukee-based company that has been able to send its concrete-transportation equipment all over the world because of the Export-Import Bank of the United States.

Maxon IndustriesMr. Maxon doesn’t understand the recent dust-up over the Ex-Im Bank. He’s a self-described fiscally conservative Republican but has spent several years working with the small government agency – and he’s seen firsthand how it helps companies grow.

“I can tell you point blank that I have created jobs with the assistance of Ex-Im Bank,” Mr. Maxon said.

Maxon Industries is like thousands of companies—the majority of them small businesses—that have relied on the Ex-Im Bank to grow and keep jobs in the United States. If Congress doesn’t act soon, the Ex-Im Bank’s charter will expire on September 30.

The Ex-Im Bank has supported 1.2 million jobs in the last five years, something Mr. Maxon can speak to.

His 30-person company, he said, wouldn’t be where it is today without Ex-Im Bank.

The company sells large capital equipment to move and place concrete, such as large cement mixing trucks. Their equipment helped transport millions of cubic yards of concrete for the expansion of the Panama Canal and supported power generation plants in countries such as Turkey.

He said he relies on Ex-Im Bank because as a small business his local bank is “scared as hell of doing business overseas.”

The Ex-Im Bank provides export credit insurance, alleviating concerns that a foreign customer may be unable or unwilling to pay for the goods received and enabling commercial lenders to provide necessary financing. In his company’s five years of working with Ex-Im Bank, it has never had to file a claim.

Mr. Maxon is quick to emphasize that his company, and all the others that use the insurance the Ex-Im Bank offers, pay for the service.

He said the competition from foreign companies is fierce, and companies from China – and elsewhere –often get aggressive help from their government. According to a recent NAM report, U.S. Ex-Im Bank is dwarfed by our major trading partners when it comes to export credit assistance.

He doesn’t like to even entertain what would happen if the Ex-Im Bank were reauthorized, but he knows it will hurt his business.

“Ex-Im Bank helps me almost every day,” he said.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

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Exporters for Ex-Im: Maker Of Biodegradable Products Doesn’t Want Ex-Im Bank To Vanish

Leslie Harty and her husband made –and still sell— the country’s first biodegradable coffee bag.

Their company, Maverick Enterprises Inc., has been operating in Monroe, North Carolina, for 21 years. The company specializes in making biodegradable products, including coffee bags and containers for food, to help reduce landfill waste.

Mrs. Harty, the company’s president, said they used the U.S. Export-Import Bank from 2005 to 2010 when they were selling biodegradable bags to companies in Mexico. They ultimately lost one of the contracts but intend to use the Ex-Im Bank again soon because they’re finishing up a biodegradable backing to use in baby diapers.

The potential buyer is in Mexico, and Mrs. Harty said the company will apply for export credit insurance from the Ex-Im Bank once the product is complete.

“I wouldn’t send anything down to Mexico without having the insurance from Ex-Im Bank,” she said. She said she’s heardMaverick Enterprises “horror stories” of small businesses trying to collect payments for products they’ve exported.

She said it would be “disastrous” if the Ex-Im Bank weren’t reauthorized by Congress in September, right when the company is set to begin exporting again. In addition to hurting the company’s sales, it would hurt their ability to conduct research and development.

She said the company is currently designing biodegradable netting for capturing fish and for laying sod as well as small biodegradable coffee cups like those used in Keurig coffee machines.

Those cups, or pods aren’t biodegradable. There’s a potential market for biodegradable coffee pods, and they’d like to capture those sales if possible.

Having the Ex-Im Bank as a resource, she said, will help them do that.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

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Exporters for Ex-Im:Mint Oil Maker Wants Ex-Im Bank Reauthorized

Terry Cochran didn’t know it at the time, but growing up on a mint farm helped prepare him for his career.

OLYMPUS DIGITAL CAMERAMr. Cochran and his brother run Norwest Ingredients in Royal City, Washington. A 15-person company, they makes mint and other oils used in gum, confection and a range of oral care products from mouthwash to toothpaste. They buy mint oil from farms around the country and process it to ensure it’s safe – and of high quality – before selling it in giant barrels that cost more than $10,000.

The two brothers started the company in 1998 and started exporting shortly thereafter. They’ve gained enough credibility that they count toothpaste giant Colgate among their customers. But as they grew, getting financing from commercial banks became a problem.

“As we grew and more and more of our sales were overseas, our local banks began to get a bit uneasy about it because as you know once it’s overseas it can be hard to get paid,” Mr. Cochran said. The company turned to the U.S. Export-Import Bank, which has approved the company loan guarantees for overseas customers. Their sales have increased, on average, about 20% annually since they began exporting.

Norwest Ingredients is like the many other small firms that rely on the Ex-Im Bank when commercial banks aren’t willing or able to help them expand abroad. The Ex-Im Bank has supported 1.2 million jobs in the last five years, and those jobs could be at risk if Congress doesn’t reauthorize Ex-Im Bank by the end of September.

Mr. Cochran doesn’t want to see that happen. If the Ex-Im Bank doesn’t get reauthorized, his sales will suffer.

And some of the company’s suppliers, including the employees who work on mint farms like Mr. Cochran did, will suffer.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

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Exporters for Ex-Im: U.S. Solar Cell Manufacturer Shines With Help of Bank

Suniva Inc., a metro-Atlanta based manufacturer of high-quality, high-efficiency crystalline silicon solar cells and modules, and the Export Import Bank (Ex-Im Bank) of the United States have been working together since 2007. Suniva has benefitted from the Ex-Im Bank’s buyer financing and working capital guarantees to support its exports to global markets.

Most recently, Suniva announced that Ex-Im Bank will guarantee a $780,000, 10-year loan to be made by UPS Capital Business Credit to finance the export of Suniva’s photovoltaic (PV) solar to a rooftop solar-power project of Grupo Metal Intra S.A.P.I. de C.V. (GMI). GMI Suniva Queretaro Airport 1MW 2014 02

“High-quality American solar products are coveted in many emerging markets. In these markets where there is an abundance of sun, and power is unreliable and/or expensive, solar power is particularly attractive,” said John Baumstark, chief executive officer of Suniva.

“It is critical for American companies to export to help strengthen our economy, and U.S. Ex-Im Bank has been instrumental in providing unique products that enhance the competitiveness of American companies around the world.  It is most fitting that the first major export and installation of our modules in Mexico is utilizing a guarantee from the U.S. Export-Import Bank with which we have a longstanding and valuable relationship,” said Baumstark.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx.

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Exporters for Ex-Im: Washington Company Makes Springs Tough Enough For U.S. Military With Help Of Ex-Im Bank

Renton Coil Spring produces high quality, precision springs and assemblies that are tough enough for the U.S. military, aerospace equipment and race cars.

The company, based in Renton, Wash., exports 40% of its products internationally, said Bob Newberry, Vice President of Sales and Engineering.

Renton Coil Spring is one of the thousands of small and mid-sized companies that uses the Ex-Im Bank to grow and keep jobs local. The Ex-Im Bank has supported 1.2 million U.S. jobs in the last five years and in 2013 returned $1 billion to the U.S. Treasury Department.

It’s up for reauthorization September 30th. If it isn’t reauthorized, then U.S. manufacturers like Renton Coil Spring will RENTON EMPLOYEESbe put at a disadvantage.

Mr. Newberry said the Ex-Im Bank “has helped us to grow these exports by enabling us to insure our exports and lower the risk of developing new foreign customers.”

He said some of the company’s products are so unique that no other business makes them.

“Our products are installed into prosthetic limbs in Iceland, mountain bikes in Chile, landing gear in China, Industrial equipment in India and Formula One cars in Italy,” he said.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

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Exporters for Ex-Im: A Small Georgia Manufacturer Looks To Grow Overseas

The custom boiler systems that Dennis Dauphin’s company makes can burn just about anything, and that’s why their boilers are in high demand around the world.

HURST BIOMASS BoilerMr. Dauphin is international sales manager for Hurst Boiler Inc., a 250-employee company in Georgia that exports about 50 percent of its boiler systems overseas –many with the help of the U.S. Export-Import Bank. The company can burn biomass, natural gas, and anything else to help heat office parks, universities and hospitals.

Hurst Boiler represents just one of the [thousands] of small and medium-sized businesses that look to the services provided by the Ex-Im Bank to compete abroad and keep jobs local. Ex-Im has supported about 1.2 million jobs over the last five years and those jobs are at stake if Congress doesn’t reauthorize the bank by the end of September.

While politicians in Washington argue over whether the Ex-Im Bank should exist at all, Mr. Dauphin “would like to see a much more vigorous export program.”

Facing a tough domestic market, Hurst Boiler has to compete with companies around the world, many of whom have export credit financing of their own.

“The domestic market is shrinking because of the economy and a lot of the Environmental Protection Agency regulations have hurt,” he said.

He said there’s more opportunity for the company to expand abroad in places such as Mexico and Chile.

He said if the Ex-Im Bank were reauthorized, and changed so it is more user friendly, the company could easily double its business and would be able to build another factory and increase hiring in the United States.

“The opportunity to move and sell these products is incredible,” he said, “we just need the financing that Ex-Im provides.”

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

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Exporters for Ex-Im: Small Seattle Firm Helps Save Lives With Ex-Im Bank

In Seattle sits a small company that helps save lives in 65 countries.

Simulab Corp. helps doctors in training get familiar with all the delicate intricacies of performing life-saving procedures before they operate on an actual person. The company makes by hand anatomical models for training physicians that can be sold throughout the world because the U.S. Export-Import Bank is able to offer credit guarantees to its customers.

SimulabPhoto2Dave Garland, Vice President of Sales at Simulab, said he has personally sent letters to lawmakers in Washington State to urge them to reauthorize the Ex-Im Bank, which will expire if Congress doesn’t act by September 30. Without the Ex-Im Bank, Mr. Garland said his company’s sales abroad in places like the Middle East, Europe and Latin America will suffer.

And yet Simulab is just one of the hundreds of small and mid-sized firms that rely on the Ex-Im Bank to expand abroad and keep jobs in the United States. The Ex-Im Bank has supported 1.2 million jobs in the United States in the past five years.

Simulab has about 75 employees, and Mr. Garland said the company started using the Ex-Im Bank in 2011. Since then, Simulab has more than tripled its sales abroad.

Mr. Garland said the models his company makes are time- and labor-intensive to manufacture. Because the demands for anatomical accuracy are important to the success in teaching physicians, their models are handmade and require skilled employees with an attention to detail.

He said the company wants Ex-Im Bank reauthorized so Simulab can continue to support its employees and grow.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

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Exporters for Ex-Im: Protecting the Responsible Growth of American Manufacturers

Providing the tools for developing countries to grow their agricultural ecosystem and feed their nation is a key mission of AGCO Corporation, an agricultural equipment manufacturer headquartered in Duluth, Georgia. Built on the core values of accountability, integrity, respect, team spirit and transparency, AGCO manufactures tractors, combines, sprayers, hay equipment and grain storage systems for customers across the globe.

Today, AGCO remains highly committed to responsible growth as they strive to conserve natural resources and protect the environment from harmful influences. Internally as well, growth of the business is first and foremost focused on cultivating a highly trained and motivated workforce and developing long-term career opportunities for all employees.AGCO

Approximately 80% of AGCO’s business is conducted outside of the United States, and part of this business utilizes the U.S. Export-Import Bank (“Ex-Im”) for the necessary financing to compete with their foreign counterparts in geographical areas like Africa, Asia and Eastern Europe where agriculture is rapidly developing. As the business grows, so do the jobs. With factories in Illinois, Kansas, Minnesota and Alabama, the company currently employs 5,700 Americans.

AGCO’s grain storage and protein production division, GSI, has actively used Ex-Im bank to bring grain storage solutions to emerging markets. In 2012 alone, Ex-Im bank facilitated the financing of more than $35 million in grain storage sales in Eastern Europe and GSI continues to approach Ex-Im for support in Africa and Asia, where local financing solutions can be difficult.

Michael Cully, Vice President of Government Affairs for AGCO says, “The Ex-Im Bank is a great benefit to Americans because it helps to grow jobs and allows U.S. companies to compete with their global counterparts in what is an active competitive market today – all while generating revenue.”

In fact, AGCO’s grain storage competitors across the northern border in Canada and are just as eager to grow their market share. “We hear consistently that the Canadian export credit agencies are easy to work with, and that matters to potential customers. If the Ex-Im Bank is not reauthorized, it would greatly complicate our ability to finance sales and jeopardize our ability to maintain and grow our international grain storage customer base. “ Cully continued.

As AGCO plans for future growth, the Ex-Im Bank is an important factor in ensuring their continued success. Unless Congress moves to reauthorize the Bank in September, the critical contributions companies like AGCO provide the U.S. economy will be at risk of benefiting our international competitors instead.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

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Exporters for Ex-Im: Washington State Manufacturer Helps Keep World On Same Note with Music Stands

Manhasset Specialty Company has been designing and manufacturing high-quality music stands and music accessories since 1935. Originally founded in Manhasset, NY, the small manufacturer moved to Yakima Valley, WA, in the early 1940s with an innovative mindset that has kept the company thriving.

Manhasset's most popular product, the Model 48.

Manhasset’s most popular product, the Model 48.

About 15 years ago, Manhasset decided it was time to start exporting its products to distributors overseas. However, the small business has struggled with competitive pricing as Manhasset’s music stands and accessories are still largely unknown in many other parts of the world.

For this reason, foreign wholesale customers are many times hesitant to buy products in large quantities without credit terms.  Particularly as they are trying to build brand awareness in such unknown markets, prepayment of large amounts is difficult.  Also, the shipping costs for smaller orders are higher, so if they don’t purchase larger quantities such as full containers, their shipping costs per music stand become another obstacle to their efforts to promote the “new” products.  The U.S. Export-Import Bank (Ex-Im) has been a critical tool in helping Manhasset to solve this problem.

Like many small manufacturers in the United States, Manhasset relies on the Ex-Im Bank strictly for its insurance policy which enables the company to offer competitive credit to international buyers and reduces nonpayment risk, by providing it protection of 95% of such credit amounts.  It should be noted that the company’s foreign buyers have never defaulted, but Manhasset still could not afford the credit risk without this insurance.

Manhasset President Barry Heid says the Bank’s guarantee has helped increase the company’s foreign sales by reassuring foreign buyers and also giving Manhasset the confidence to export its products into new markets.

“All businesses have to be looking at what we can do to protect ourselves; we went through a huge recession for which we are still feeling some of the affects,” said Heid. “We’ve got to have the ability to export our products to other places in the world to remain competitive and grow.  I am confused why anyone is against this program that enables many companies to prosper – and helps the balance of trade.”

In addition to the support the Ex-Im Bank provides to U.S. exporters, the Bank actually generates revenue for the U.S. Treasury at no cost to taxpayers.   The Ex-Im Bank is a win-win for American manufacturers and taxpayers.

“The only way Manhasset can continue to grow is to expand exports; and without Ex-Im’s support and protection this would be very difficult,” said Heid. “In addition, eliminating an agency that continuously helps to reduce our federal deficit is just bad policy.”   Heid also asked “Have those that may be considering not reauthorizing this program given thought to what they might cut from the federal budget to account for the loss of revenue if it is not reauthorized?”

Washington lawmakers need to stand up for American manufacturers and encourage international expansion by voting to reauthorize the Export-Import Bank’s charter.

“Exporters for Ex-Im” is a blog series focused on the importance of the Export-Import Bank to manufacturers. To learn more or to tell Congress you support reauthorization of the Export-Import Bank, visit http://www.nam.org/Issues/Trade/Ex-Im-Bank.aspx

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