R&M International is a family-run and owned small business started by Denys Rawson established in 1977. Headquartered in Fort Washington, Pennsylvania, the company is a pioneer in helping primary producers of raw materials in the textiles and plastics arena repurpose overproduction, substandard, or waste materials. These materials are then either recycled, repurposed, or traded. The ownership of R&M is held with Denys, Dominic, and Stephen Rawson.
As a small business with six employees, R&M needed funds to fulfill its export sales orders and protection against nonpayment by international buyers. Commercial and political instability in foreign markets are often a significant threat to small businesses and loss of payment can make a big impact on their cash flow.
EXIM resolved both challenges for R&M. The agency’s working capital guarantee provided a loan guarantee to R&M’s lender PNC Bank. EXIM provided the bank with a 90 percent guarantee for a $950,000 line of credit to R&M. Thus, PNC Bank was reassured of repayment in case of a default as it carried only a 10 percent risk. The loan supports exports primarily to Italy, India, Germany and South Korea.
R&M also has a small business export credit insurance policy with EXIM. The company is covered against political and commercial risks up to 95 percent of its sale invoice. The insurance gives R&M the confidence to enter new markets and offer open account credit terms to its customers.
In just the last four years, R&M has nearly doubled its export sales, which now account for nearly 80 percent of its total sales. The company ships to 26 buyers in six countries. EXIM has supported $33 million of R&M International’s global sales since 2015.