In 1985, the Balderson family founded Dymax, a company that makes work tools that are attatched to construction machinery. The legacy of the Balderson family is one known for quality, integrity, and service, with over a century of experience in the family.
Dymax was originally a division of a larger company of which exporting was done through a dealer. In 1990, the Balderson family sold all of the larger company except the Dymax division and established it as its own company. Dymax decided to export on its own.
The company was wary of the adverse effect that buyer nonpayment would have on its cash flow.
After the company spoke to a regional bank with a good international department in 2014, it was told about EXIM’s export credit nsurance, and decided it was much easier to work with EXIM than dealing with the stress of Letters of Credit. EXIM’s Express Insurance allowed Dymax to lessen costs, give benefits to their customers and increase cash flow by being able to borrow against their receivables. As a small business Dymax cannot afford the risk of nonpayment.
EXIM’s insurance has given Dymax peace of mind and the ability to build trust with its customers. The company started with the Bank’s express insurance as it was processed quickly and good for company’s starting to export. The company now has a broader small business multi-buyer policy with single buyer credit limits for buyers in Italy, United Kingdom, Poland, Canada, and Australia.
Since 2014, Dymax has more than tripled its business and allows its customers to buy on open account credit terms. EXIM’s support attributes for about 15 percent of Dymax’s total sales and 10% of their workforce.