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EXIM Covers Minnesota Lumber Company's 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 assumes the credit and country risks that the private sector is unwilling or unable to accept. Thus, when private sector Euler Hermes would no longer insure the political and commercial risks of buyer nonpayment for Midwest Hardwood's sales to China, the Trade Acceptance Group, a trade insurance broker, introduced the company to EXIM. Its export credit insurance covers up to 95 percent of the company's sales invoice.

This integrated hardwood manufacturer produces more than 80 million board feet of hardwoods with 360-employees and three saw mills. Exports grew when Midwest Hardwood switched its entire foreign export credit receivables to EXIM Bank's multi-buyer policy in December, 2010. From 2016 to 2018, EXIM has covered almost $77 million of its exports.

"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