Western Forms, Inc., a Kansas City, Missouri company, manufactures aluminum forming systems that are used in residential and commercial cast-in-place concrete building construction. Since being established in 1955, the company grew to more than 300 employees. Yet due to the severe impact from the global economic slowdown in the construction industry in 2008, employment shrank to less than 70 employees. EXIM Bank approved Western Forms for a $2 million short-term export credit insurance policy to enter new marketplaces. Employment has now rebounded to more than 100 employees.
With the Bank's insurance, the company has been able to increase its sales to emerging markets in Africa, the Middle East, Asia, Europe, and North, Central and South America.Daniel Ward, the company's International Operations Manager, learned about export credit insurance by attending an EXIM Bank Global Access for Small Business forum in Kansas City. The insurance covers open account credit terms for its buyers as well as protects against the risk of buyer nonpayment.