The Keith Smith Company, Inc., headquartered in Arkansas, is the largest independent producer and provider of quality hatching eggs to the broiler industry in the United States.
The third-generation family-owned business was trying to enter new international markets but did not feel secure taking on the financial risk. Exporting brings new challenges and worries, especially the fear that a buyer may not pay for goods once they are received.
The Keith Smith Company turned to EXIM for a solution. The agency’s export credit insurance gives the company the confidence needed to sell into new international markets. The policy ensures that, even if a buyer does not pay, the Keith Smith Company will be compensated up to 95 percent of the sales invoice. EXIM insurance reduces the company’s cash flow risk and allows them to be more comfortable in competing for international sales.
Since 2009, EXIM has supported nearly $140 million of the company's exports. The top markets for Keith Smith Company are Mexico and Guatemala, followed by Nicaragua, El Salvador, and the Dominican Republic. As a result of its increased exports, the Keith Smith Company has added 42 jobs and increased sales by nearly 50 percent. Exports as a percentage of total sales have grown from fewer than 1 percent to 61 percent since the company began working with EXIM.