Express Insurance Opens World Markets for Connecticut Manufacturer
Xamax Industries Inc. is a Connecticut-based manufacturer of materials like specialty paper, plastics and nonwoven fabrics. These materials are sold to foreign manufacturers, where final products are assembled. Prior to using Ex-Im’s Express Insurance, Xamax Industries was limited in its international sales because customers required open-account payment terms that were too risky and not acceptable to banks without insurance. |
For businesses in a highly competitive environment, time is of the essence. To support American exporters, Ex-Im Bank has made efficiency and timeliness a priority. We call it “Government at the Speed of Business.” More than a slogan, it is a guiding principle at the Bank.
Ex-Im Bank’s goal is to complete 80 percent of its transactions within 30 days. To achieve this goal, the Bank’s leadership and employees have streamlined processes and focus relentlessly on providing outstanding customer service and efficient turnaround times.
The results are real. In FY 2012, the Bank went above and beyond this goal, processing 90 percent of all transactions within 30 days and 98 percent within 100 days. Between FY 2009 and FY 2012, a period in which Ex-Im Bank saw a 20 percent increase in the number of new authorizations (not including renewals), the number of days needed to reach a decision decreased by more than 50 percent – from an average of 32 days in FY 2009 to an average of 15 days in FY 2012.
Even more dramatically, the time required to process long-term transactions dropped by more than 60 percent, from an average of 163 days in FY 2009 to an average of 60 days in FY 2012.
Products and initiatives that have led to increased efficiency include:
Woman-Owned Producer of Spices and Condiments Grows Exports With Express Insurance
Greek Island Spice, Inc. (GISI) is a woman-owned, small business in Fort Lauderdale, Fla., that has thrived since 1997 by manufacturing fresh marinades and fancy condiments. This company started on a card table at a small local festival. GISI President JoAnne Theodore remained determined to grow and experimented with different mixes until she found the right combinations. |
| Express Insurance Recognized by Harvard University as “Bright Idea in Government”
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In September 2012, Ex-Im Bank’s Express Insurance policy received a “Bright Idea in Government” award from the Ash Center for Democratic Governance and Innovation at Harvard University’s John F. Kennedy School of Government. The Bank was among 111 recipients nationwide from all levels of government – from school districts to federal agencies and public-private partnerships – that are demonstrating creative solutions to address important national and local issues such as economic development.