Oregon Hay Products provides alfalfa and hay compression, processing, baling and shipping services for the entire Pacific Northwest. The company was founded in 1990 and employs about 25 people.
The company has effectively used EXIM Bank's working capital lender loan guarantee to grow internationally, This product provides the liquidity and confidence for the small company to fulfill its export sales orders, accept new international contracts and compete more effectively in the international marketplace.
Domestic lenders are typically not fond of international loans due to the high risks. Thus, EXIM Bank's loan guarantee is welcomed as the Bank carries 90% of the risk. With our guarantee Zions First National Bank was more willing to grant a $1 million revolving loan to Oregon Hay in 2010. Through July 2014, the loan had supported $111 million of export sales. The sales increase has created one new job and supported 20 more jobs.