Founded in the 1980’s, Larson Irrigation Inc. of San Diego is a successful, full service reseller of agricultural and irrigation supplies. The company actively represents over 50 manufacturers helping it to penetrate the market in the Western United States and Mexico.
In 1985, Mr. Larson realized the company’s key foreign market was Mexico. The main buyer demographic was the Mexican farmer and usually these buyers elect to use a freight forwarder to insure shipment. Mr. Larson wanted to export, but with just a small business at the time, he worried about buyers’ payment delinquency.
Larson Irrigation not only looked to insure shipment, but they wanted to insure foreign receivables in case the buyers defaulted due to political or commercial risk. According to co-owner Ms. Patty Robles, their insurance broker first advised them of EXIM product offerings and export credit insurance in particular.
Larson Irrigation, Inc. has been using the services of EXIM Bank for nearly five years and approximately 40 percent of Larson Irrigation’s total exports are insured through EXIM. The Bank has supported nearly $3 million of Larson’s exports from 2014 to 2018.