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EXIM’s Insurance Enables Ice to Ice Flow from Chicago to Latin America

Exporter/Customer: 
Howe Corporation
Export Destinations: 
Australia, Mexico
EXIM Bank Product: 
Export Credit Insurance
Jobs Supported: 
2

food on ice and an ice machine

Mary Howe leads about 30 employees to manufacture commercial and industrial refrigeration equipment in Chicago. In 2007, her international customers began asking for more time to pay, but as a small manufacturer, Howe Corp. didn’t have the cash on-hand to afford longer terms for payment.

To solve this problem, Mary began extending credit terms up to 90 days by covering her export sales with EXIM’s export credit insurance. This policy enabled the company to fulfill sales orders and keep the factory running. As a result, the company has obtained new customers in Latin America and it added two additional employees due to EXIM’s support of $8.8 million in export sales. 

“The interesting thing is when domestic sales drop off, often the export sales pick up, and it fills the gap. With the economy the way it is, EXIM Bank’s support helps our sales remain steady.”
Mary Howe, President