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Long Island Bakery Grows from Home Kitchen to Worldwide Sales with EXIM Bank's Support

Exporter/Customer: 
Love and Quiches, Ltd.
Export Destinations: 
Worldwide, especially Saudi Arabia, United Arab Emirates, Russia, Kuwait
EXIM Bank Product: 
Small Business Multi-Buyer Insurance
Jobs Supported: 
35

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Love & Quiches Gourmet started in the kitchen of Susan Axelrod's in 1973 and now sells desserts to countries in the Middle East, Far East, and Russia. The business outgrew the kitchen, the garage, a small, local storefront, a first factory and now a state-of-the-art manufacturing facility in Freeport, New York.

Like many small businesses, Love & Quiches depends on lines of credit and other forms of working capital to finance and grow its business. In the process, lenders review the quality of any company's outstanding accounts receivables to determine how much they are willing to lend. But, they are wary of foreign receivables. When Love & Quiches applied for financing with Well Fargo Bank, EXIM Bank's small business export credit insurance, backed by the U.S. government, provided the reassurance needed for Wells Fargo to advance funds against the company's foreign receivables and improved its cash flow.

The policy has been in place since 2006. It has covered nearly $5 million of exports in the 12 months ending April, 2011, and supported about 35 of its 250 employees. Love & Quiches' insurance broker is International Risk Consultants and their receivables are assigned to Wells Fargo Bank.

"I borrow money based on my receivables. My foreign sales may not be acceptable to my U.S. lenders, but because they're insured by the Export-Import Bank, they're treated like domestic receivables,"
Andrew Axelrod, President