In the late 1800’s, the Dodge Cork Company, a family-owned small business headquartered in Lancaster, Pennsylvania, began producing cork closures and surfaces for consumers. During the 1960’s and 70’s, the company expanded its sales domestically and to customers in Canada, providing a resource for businesses, homes, designers, and architects alike. What began as a cork-based production business transitioned into a recycle rubber flooring company. Renamed ECORE International in 1989 the company now sells flooring surfaces manufactured from recycled rubber tires throughout the world.
Although exports are a great source of wealth for many small businesses, international sales provide an array of threats to a company's financial health. International distributers often expect to but on open-credit terms; while these can allow a seller to be more competitive, global customers do not always pay on time for the products they bought. This results in a loss of working capital for the U.S. -based seller.
After more than a century of evolving operations, ECORE learned about EXIM in 2011 from its trade credit insurance broker Securitas Global Risk Solutions. In April of that year, ECORE started using EXIM Bank’s multii-buyer export credit insurance.
The insurance policy has enabled ECORE to protect against nonpayment risk, reach new buyers through more competitive terms and to finance their international receivables with their bank. Over the past five years since using EXIM, ECORE now has buyers in Mexico, United Arab Emirates, England and Japan. The company’s total sales have grown each year and the business has gone from 265 employees to more than 400 employees during that period, a 51% increase.