Facebook pixel

Minnesota Company Relying on Exports for Growth

Exporter/Customer: 
Safety Speed Cut Manufacturing Co., Inc.
Export Destinations: 
Belgium, United Kingdom and Mexico
EXIM Bank Product: 
Multi-Buyer Export Credit Insurance

Image

Safety Speed Cut Manufacturing (Safety Speed), a 32-employee maker of power saws in Ham Lake, Minnesota, has had an EXIM Bank small business multi-buyer policy since 2005. During this time, the company's export sales have increased 20 percent and added jobs. This is promising news as the company had to lay off three employees in 2009 due to the financial crisis.

The insurance policy has allowed Safety Speed to sell more as its foreign customers no longer have to pay cash-in-advance and adversely affect their cash flow. Exports now represent 25 percent of Safety Speed's total sales compared to the usual 8 or 9 percent share in previous years. Safety Speed has added ten jobs sine 2005. EXIM has supported $883,000 of Safety Speed's exports during the 2016 to 2018 period. The company's main markets include France, UK, UAE and Mexico, with plans to expand into India and Brazil.

"We continue to look at exports as a great growth opportunity, in part thanks to EXIM Bank support. EXIM has helped us maintain jobs. We feel more protected with existing international distributors as well as new ones."
Brian Donahue, President