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Minnesota Small Business Intends to Avoid Nonpayment Risk with EXIM's Insurance

Exporter/Customer: 
IKONICS Corporation
Export Destinations: 
India
EXIM Bank Product: 
Export Credit Insurance

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IKONICS Corporation is an established small business that has thrived since 1952. It specializes in creating and transferring physical and visual images for a variety of industries. From traditional and high-tech screen printing and coated film to decorative and industrial etching and imaging, IKONICS conducts business in over 90 countries. With 70 employees, IKONICS is one of the leading companies in the development of imaging technologies.

EXPORT CHALLENGE

IKONICS wanted to grow, but like most companies, it was concerned about the political and commercial risks associated with large transactions.

EXIM SOLUTION

To resolve this major concern, it obtained a single-buyer export credit insurance policy from EXIM. The policy covered a $225,000 line of credit on 90-day open account terms for a company in India to purchase film and chemical emulsions.

RESULTS

That was IKONICS first of multiple policies with EXIM. During the 2016 to 2018 period, EXIM has covered nearly $2 million of IKONICS' exports.

"With the insurance policy from EXIM Bank, we can continue to grow internationally without the risk factor."
Jon Gerlach, Vice President of Finance and CFO