Established in 2007 in the Township of Bensalem, Pennsylvania, AKAS Textiles LLC (AKAS) is a small textile and design company. It was started by Sidharth and Archana Sharma, who moved to the United States from India to create a better life for their children. AKAS is known for its eco-friendly, made-in-America fabrics.
It has engineered some of the top brands for absorbency, food safety, organics, athletic performance, protection and more. These are stocked as roll goods available for applications in a wide range of industries including apparel, automotive, food, furniture, industrial, healthcare, hospitality and the military.
AKAS wanted to grow their sales revenue and knew they needed offer credit terms to their international customers as well as obtain working capital to fulfill export sales orders.
In 2013 AKAS obtained export credit insurance from EXIM Bank. The insurance policy protects foreign accounts receivable generated by the sale of goods and services from U.S.-based companies to international customers. EXIM covers up to 95 percent of the sales invoice against nonpayment due to commercial and political risks.
Export credit insurance also improved AKAS’s competitiveness in the world market. Understandably, foreign buyers prefer and expect credit terms, as cash up front has an adverse effect on their cash flow. American companies that are unable to extend credit may lose out on valuable opportunities.
With EXIM’s support, Sidharth and Archana have been able to build a successful business to chase their American Dream and provide for their children.
EXIM has a team of professionals dedicated to assisting minority and women-owned businesses with navigating its export-financing tools. To learn more feel free to contact a specialist here or visit wwwnce..exim.gov.