Since its establishment in 1962, the Edward B. De Leo Company in Fairfield, New Jersey, has become one of the world’s leading distributers of upholstery, automotive, and multi-use textiles. Its South Carolinian based factory and warehouse in Lyman manufacturers knit fabrics, woven fabrics, laminated body cloths, and non-woven carpets/trunk linings. For over fifty years, the Edward B. De Leo Company has been a leader in supplying fabrics to the automotive industry. Their dependability is summed up by the phrase, “Rely on the Lion,” referring to the company’s animal mascot.
After having successfully negotiated business deals with buyers in Central and South America, the Edward B. De Leo Company was in urgent need of the capital necessary to fulfill these international orders. Cash flow is a crucial aspect of small business export transactions. As commercial lenders were unable to include uninsured foreign accounts receivable in the company’s borrowing base, the Edward B. Leo Company looked to EXIM for help.
With access to EXIM’s export credit insurance, the Edward B. De Leo Company was able to insure their foreign receivables as commercial lenders are unable to provide this type of exclusive service. These government-backed receivables are then assigned to a lender to access vital funds. Meanwhile, in addition to accessing funds, EXIM gives companies the comfort of knowing they are protected against nonpayment by international buyers.
By obtaining EXIM’s export credit insurance, the Edward B. De Leo Company was able to increase their cash flow and expand into new foreign markets. The insurance also gave its senior managers the peace of mind necessary to grow the company's international sales. Since 2014, EXIM has supported more than $3 million of the company's international sales.