Since 1983 Coral Steel & Supply Company has been providing fabricated concrete reinforcing steel and related products to the construction industry throughout Florida and the Caribbean basin. They supply quality, American-made fabricated rebar for all types and sizes of projects. Their product line also includes welded and mechanical rebar coupling and splicing systems, galvanized and epoxy coated reinforcing steel, epoxy setting grouts, mesh, polyfilm, bar supports, forming accessories, and related concrete construction hardware.
After years of doing business with valued international customers, Coral Steel noticed that their sales orders were beginning to slow down. Upon checking with their customers, the company learned that a competitor offered open credit terms for similar products and captured its business. As a small company, Coral Steel was wary of offering credit terms because of the risk of nonpayment by its international customers. If they don’t pay, there is very little recourse for the U.S.-based company and the financial hit can be significant.
Working with their local EXIM regional director, Coral Steel applied for export credit insurance and was approved in less than 24 hours. Knowing that its foreign accounts receivable was insured up to 95 percent, Coral Steel was able to compete successfully for more business by offering open account credit terms. Customers in the Caribbean once again had access to Coral Steel’s U.S.-made concrete reinforcing steel and related products.
With the help of EXIM’s Export Credit Insurance, Coral Steel was able to win back previous clients and received referrals from those clients to other international companies in their area. Export credit insurance empowers businesses of all sizes to negotiate competitive credit terms with foreign buyers and increase revenues by selling to new customers in new markets. In the case of Coral Steel, export credit insurance was the key to recapturing valued customers and doing business with new ones.