Published on 03.October.2014 – Ex-Im Bank of United States provides a variety of financing options to US exporters, which includes working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
In fiscal year 2013, Ex-Im Bank approved more than $27 billion in total authorizations.
On Manufacturing Day, Ex-Im Bank highlights two small manufacturing businesses that support 53 jobs due to Ex-Im support
Washington, D.C. – Export-Import Bank of the U.S. (Ex-Im Bank) financing has supported Measurement Technology Northwest Inc. (MTNW) and Engineered Compost Systems (ECS), as they expand their global footprint to five countries and make plans to hire new workers to fill export orders.
MTNW and ECS are two of thousands of small manufacturers that Ex-Im Bank equips to sell made-in-America goods overseas. In FY 2013 alone, Ex-Im Bank approved authorizations for U.S. manufacturing industries totaling $8.5 billion.
MTNW develops thermal testing equipment for textile and garment systems, and line control systems including winches used in oil and gas, commercial and oceanographic applications.
ECS designs large-scale compost systems, primarily for waste companies and municipalities. The companies employ a total of 53 people.
The companies purchased an Ex-Im Bank export credit insurance policy in 2013 and recorded $11 million in total sales the same year.
Exports accounted for approximately 50 percent of the sales, half of which in turn was underwritten by Ex-Im Bank. Both companies are owned by Seattle-based small-business exporter Tim O’Neill.
“Ex-Im Bank’s export credit insurance lends small-business exporters in Washington like MTNW and ECS peace of mind so they can enter new markets abroad and support jobs at home,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
“The world wants to buy the quality and innovative manufactured goods you can only find here in America. Ex-Im Bank makes sure that more U.S. manufacturers can seize that opportunity to grow through exports.”
Thanks in large part to Ex-Im Bank, ECS recently landed a contract in Poland, and MTNW has enrolled new customers in Brazil, Indonesia, Singapore, and the U.A.E. The company hopes to increase staffing by 12 to 15 percent over the course of the year.
“Ex-Im Bank export credit insurance provides the security to accept important sales contracts that preserve the jobs of 20% of our work force,” said Tim O’Neill.
“As an experienced exporter, we appreciate the ability to pick which customers need to be insured instead of having to buy a blanket policy at a much higher overall cost on the private market. At the same time, our bank appreciates the fact that our riskiest customers are covered by credit insurance, thus making access to working capital that much easier.”
Export credit insurance enables companies to increase export sales by limiting their risk of non-payment by purchasing an insurance policy, just as someone limits their risk of fire by purchasing homeowners insurance.