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Bank Insurance Enables Small Hawaiian Bee Company to Grow by Extending Credit

Exporter/Customer: 
Big Island Bee Company, Llc, The
Export Destinations: 
Canada, China, Japan and Bahrain.
EXIM Bank Product: 
Small Business Export Credit Insurance
Export Sales ($): 
Approximately $100,000 over five-year period
Jobs Created: 
9

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Big Island Bees harvests raw, natural, organic Hawaiian honey made from the flowers of macadamia-nut trees, ohia lehua blossoms and Christmasberry, also known as Wilelaiki. The company has a growing business selling its uniquely flavored products to customers in the United States, Canada, China, Japan and Bahrain.

Since 2009, Big Island Bees has been using EXIM Bank's small businessexport-credit insurance policy to support its foreign sales, which covers individual shipments valued in the range of $3,000 to $10,000.

Before coming to EXIM Bank, the company typically would require a first-time foreign buyer to pre-pay for shipments. However, when co-owner Phil Grad learned of EXIM's insurance from Meridien Financial Group in Portland, Ore., he took out a small-business policy that provides assurance of payment of up to 95 percent on shipments to multiple buyers in multiple countries.

The EXIM policy protects Big Island Bees export revenues and also enables the company to offer payment terms to newly qualified customers. The company is able to ship without waiting for pre-payment.

EXIM Bank's insurance is helping Big Island Bees expand its export business and open up new opportunities for growth. At present, the company is no longer constrained by payment risk but only by how much honey the bees can make!

 

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