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EXIM Bank Covers Lumber Sales to China

Exporter/Customer: 
Midwest Hardwood Corporation
Export Destinations: 
China and worldwide
EXIM Bank Product: 
Single-Buyer and Multi-Buyer Export Credit Insurance
Jobs Supported: 
25

Midwest Hardwood Corporation

EXIM Bank assumes the credit and country risks that the private sector is unwilling or unable to accept. Thus, when Euler Hermes no longer would cover Midwest Hardwoods shipments to China, Trade Acceptance Group, a trade insurance broker, introduced them EXIM Bank's single-buyer policy.

This integrated hardwood manufacturer produces more than 80 million board feet of hardwoods with 360-employees and three saw mills. Exports comprise 15 percent of sales but are expected to grow as Midwest Hardwoods switched their entire foreign export credit receivables to EXIM Bank's multi-buyer policy in December, 2010. The policy covers about 25 shipments per month.

EXIM Bank made it easier to do business in not-traditional markets such as the Far East, China and emerging markets,
Steve Kania, Corporate Credit Manager