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Tennessee Company Leverages EXIM's Export Insurance to Double Sales

Exporter/Customer: 
Gridsmart Technologies, Inc.
Export Destinations: 
Poland, Turkey, Georgia (Caucasus), Oman, Columbia and Brazil
EXIM Bank Product: 
Export Credit Insurance
Jobs Created: 
20

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In 2001, Bill Malkes and Vig Sherril were tired of sitting at empty intersections waiting for a green light. The idea of using Fisheye camera adn tracking software to improve efficieny came about and the basis for GRIDSMART TECHNOLOGIES, Inc.was created. The company is an iIntelligent traffic company (ITS) that innovates and exports advanced vision processing solutions to more than 20 countries. Its special camera and control systems reduce vehicular congestion, while increasing traveler safety and air quality.

 

EXPORT CHALLENGE

As the company expanded, it needed to protect against buyer nonpayment while also being allowed to offer "open account" credit terms to its customers.

EXIM SOLUTION

EXIM's exprt credit insurance.

RESULTS

EXIM support has enabled this Knoxville company to grow its export volume, attract follow-on venture capital, and enter non-conventional markets including Poland, Turkey, Georgia (Caucasus), Oman, Columbia and Brazil. Each year the company has sustained and also added jobs because of its steady growth in exports. EXIM has supported $1.1 million of Gridsmart's exports from 2013 to 2015 and about 60% of the company's revenue is now from exports.

"Our being is predicated on EXIM's export credit insurance. With such support, GRIDSMART attracted development venture capital to leverage into more than 20 jobs."
Bill Malkes, Co-Founder