On May 16, 2016, Fornazor International was presented with the President’s “E” award, the highest recognition for U.S. organizations that make significant contributions to expanding U.S. exports. It was almost 30 years in the making. John Fornazor, CEO, founded the company in 1987 with four employees and a rented office. The company’s commitment to quality and nurturing relationships with international buyers quickly led to opportunities to export their feed for horses, poultry, pigs, dairy and aquaculture to markets overseas.
Unlike many fledgling businesses, sales opportunities were not a problem for Fornazor. Managing those opportunities, however, led to “extreme growing pains” due to a lack of trade financing. Fornazor needed working capital to finance the production of animal feed to meet the demand from its overseas customers. They also needed to protect the company by insuring their foreign receivables against nonpayment by international buyers.
Fortunately, their commercial bank was familiar with EXIM’s products that help small business exporters, and brought Fornazor and EXIM together. Working together, EXIM Bank and Fornazor addressed both challenges and the company flourished. Export credit insurance provided protection from nonpayment on the company’s receivables from international customers. Fornazor, EXIM and the company’s commercial lender also worked together to put a working capital loan guarantee in place, enabling the company to grow their production of animal feed for international markets.
Today, Fornazor is still a family-owned small business that exports to over 40 countries worldwide. In the years since their start in a rented office, the company has grown to be among the 70 biggest U.S. exporters. The company has grown their revenues, increased the number of jobs and established themselves as a leader in markets worldwide. EXIM supported $654 million of Fornazor’s global sales during from 2013 to 2017. CEO John Fornazor credits their success to their unrelenting commitment to quality, their deep understanding of their customers, their customers’ environments and their customers’ cultures, and in part, to their 25 year relationship with EXIM.