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EXIM's Insurance Expands North Carolina Company Exports to Sixty Countries

Exporter/Customer: 
Slade Inc.
Export Destinations: 
Worldwide
EXIM Bank Product: 
Small Business Export Credit Insurance
Jobs Created: 
15

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When Slade started with EXIM in 1997, they had minimal international sales experience. In 2011, exports comprised 65% of the company's total sales. As a result, Slade was able to expand business operations and hire more people.

Slade, Inc., of Statesville, North Carolina, manufactures fluid sealing products for industrial equipment, especially pumps. It particularly serves the steam, nuclear and water hydro-electric plants; pulp and paper mills; and petrochemical and oil and gas industries.

The company has been using the Bank's small business export credit insurance to offer open account terms to its international customers rather than requiringcash-in-advance. The policy typically covers about $1 million in exports annually, with Taiwan, Italy and South Africa as its primary markets. Exports have risen about 10 percent each year and support more than half of the company's 30 employees. The Bank has supported $2.2 million of Slade's exports the past three years ending in 2015.

"We are in the comfort zone with the export credit insurance. This has made us more aggressive in selling internationally as we do not have to worry about getting paid."
Greg Raty, Vice President