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Nebraska Popcorn a Global Favorite with EXIM

Exporter/Customer: 
Preferred Popcorn LLC
Export Destinations: 
More than 70 Countries
EXIM Bank Product: 
Export Credit Insurance
Jobs Created: 
25

Preferred

Preferred Popcorn LLC is a small business vendor based in Chapman, Nebraska, that exports popcorn, concessions supplies, and coconut oil to international markets. Created in 1998, the company currently employs 80 people in Nebraska, Indiana, Illinois, Ohio and Kentucky.

The company has an unique story. Norm Krug, decided that he didn't just want to grow high-quality popcorn for his friends and neighbors, he wanted his popcorn to change the world. So, in the fall of 1997, Norm convinced several of the area's best farmers to join him in establishing Preferred Popcorn. All of the "Founding Farmers" had the same vision and goal: to provide high quality, wholesome popcorn with honesty and integrity. In 1998, the company attended a trade show in Las Vegas with merely a card table and secured their first customer, a company from Indonesia.

EXPORT CHALLENGE

Preferred needed to reduce their risk of foreign buyer nonpayment.

EXIM SOLUTION

Since its founding, the company has relied upon EXIM Bank's export credit insurance to protect against the commercial and political risks of buyer nonpayment.

RESULTS

Preferred Popcorn is now worldwide filling orders in more than 70 countries. Its main markets are China, SE Asia, Japan and Mexico. As a consistent policy holder of EXIM's export credit insurance, the company has watched its sales mount to $63 million, 50 percent of which are export-related. Moreover, this support has translated into approximately 25 new jobs. In three years alone (2017 to 2019), EXIM has supported more than $44 million of Preferred Popcorn’s international sales. The company was awarded EXIM's Exporter of the Year for 2016.

 

"EXIM has been instrumental in giving our owners and financial partners the confidence to sell to more than 70 countries around the world and remove the risk of getting paid for our products.”
Kelly Grossnicklaus, Director of Risk Management