Ceilings Plus is a manufacturer and installer of high quality aluminum and wood ceiling and wall panels. The firm has installed their specialty ceiling work at such locations as the Newseum in Washington, D.C.; the Clinton Presidential Library, Little Rock, AR; the Kodak Theatre, Hollywood, CA; and the Hayden Planetarium in New York City.
The firm first came to the attention of EXIM Bank in 2007 via Bank of the West regarding a pre-export working capital need of Ceilings Plus for their newly-won $18 Million contract for the expansion project of the Doha International Airport in Qatar. While successful in the United States, this was the company's first international deal and it required a $2.2 million performance bond and collateral.
EXIM Bank's standby letter of credit allowed Ceilings Plus to access funds that would have otherwise been tied up in the performance bond. The company was subsequently awarded an $11 million contract for Phase II of the project, for which the guarantee was used again for issuance of a performance bond. The resulting new business of two international contracts totaling $29 million is significant for this small business with annual revenues in the $15 million range. This working capital lender loan guarantee has been instrumental in Ceilings Plus' success and they are now seeking other large contracts in the Middle East. Due to their sales growth, Ceilings Plus increased its work force from 86.