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EXIM Buyer Financing Support Lands Sale to Mexico

Exporter/Customer: 
Mathews Company
Export Destinations: 
Mexico
EXIM Bank Product: 
Medium-Term Export Credit Insurance
Jobs Supported: 
65

Mathews Company

Mathews Company, a family-owned manufacturer in Crystal Lake, Illinois, has been building agriculture equipment for sixty years. It specializes in continuous flow grain dryers and multi-crop shredders and exports comprise 25% of total sales.

The company had the opportunity to sell a $328,504 continuous flow grain dryer to a company in Mexico (Carlos Ramirex) but the buyer needed term-financing. The Bank's medium-term export credit insurance policy played a key role by supporting the exporter's sale. While protecting the Mathews Company from buyer nonpayment, the Ramirex company did not need to get an expensive letter of credit or pay a high down payment. Creditworthy foreign buyers, who prefer greater security and better cash utilization, often consider cash advances unacceptable and simply walk away from the deal.

"We would not have gotten the business without EXIM. It's a 'dual benefit' as we are protected and the buyer gets credit."
Larry Antos, President