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EXIM Buyer Financing Completes Sales for Nebraska Company

Exporter/Customer: 
Chief Industries, Inc.
EXIM Bank Product: 
Medium-Term Buyer Financing
Export Sales: 
Half of Total Sales
Jobs Supported: 
45

Chief

Chief Industries, Inc. started as a small construction company, from a garage in Grand Island, Nebrska, in 1954. From those humble beginnings and strong leadership, Chief Industries has developed into a multifaceted corporation with a global presence.  With divisions and subsidiaries representing a diverse array of interests and a skilled workforce of approximately 1,400 employees, Chief is proud to have celebrated over 65 years as a family owned business and looks forward to a future of continued growth.

 Chief Agri, a division or Chief Industries, Inc., in Kearney, Nebraska originated in 1961 and has grown to over 230 employee and offers a full line of grain and commodity storage, aeration and material handling products worldwide.  Our comprehensive product offerings include:  Farm and Commercial Grain Bins and Silos, Temporary Grain Storage, Caldwell Grain Conditioning, Grain Dryers, Material Handling, Support Structures, Lemanco Modular Storage, and Secondary Containment.

EXPORT CHALLENGE

Some of Chief Industries' foreign buyers were having difficulty obtaining loans. This impaired the company’s cash-flow and jeopardized their profitability.

EXIM SOLUTION

Fortunately, Chief was introduced to EXIM Bank by Wells Fargo Bank and export-insurance broker International Risk Consultants. The two companies made Chief aware of the Bank's medium-term insurance which enables foreign buyers to obtain capital equipment and services with lender loans that typically have longer terms and lower interest rates since they are backed by the full faith and credit of the United States. Thus, the primary obstacle of repayment was solved.

Chief Industries has also used EXIM's short-term financing to support U.S. companies as well as long-term financing to support the company's international buyers.

RESULTS

EXIM Bank's support has been a key factor in Chief Industries growing its international sales from 25 percent of total sales to 50 percent, representing a tenfold increase in dollars. The success has supported 45 jobs at the company.

"Our trading partners were instrumental in helping us develop a financing model which has enabled us to provide EXIM financing solutions to our valued customers resulting in significant sales growth. Your products help build relationships around the globe. Our buyers take pride in knowing they are getting international credit and take their repayment obligation very serious."
Mike Lewis, Division Controller