Norwest Ingredients is a mint flavoring supplier from Royal City, Washington. They create essential peppermint, spearmint, chamomile, and dill oils—used in products from Colgate toothpaste, to chewing gum.
When Norwest began shipping overseas, their lenders began to get concerned about nonpayment guarantees for their product. They simply could not sell internationally with confidence.
EXIM was able to provide export credit insurance to protect against foreign buyer payment. With EXIM’s assistance, Norwest Ingredients was able to access funds from lenders with these insured receivables, just like they received for its domestic sales. This was a huge win for Norwest and could not have happened without EXIM’s assurance.
Norwest was able to sustain impressive growth of 20% per year ever with the Bank’s insurance. In fact, export sales exponentially to about 65% of its business. The company was also able to add nearly two new employees per year, fully based on its international sales growth. Growth like this is impressive for a small manufacturer. Alongside EXIM, Norwest Ingredients helped support countless families—from Norwest Ingredients, to the dozens of suppliers that they purchase raw materials from across the Northwest and Midwest.
Between 2013 and 2018, EXIM supported $18.7 million of Norwest’s exports.