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Upper State New York Company Grows Business with EXIM Loan Guarantees

Exporter/Customer: 
Commodore Technology, LLC
Export Destinations: 
Worldwide
EXIM Bank Product: 
Working Capital Loan and Medium-Term Loan Guarantee
Export Sales ($): 
$500,000
Jobs Created: 
Three

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Process Engineer George Braddon found a niche while working at Mobil Chemical in the 1970. He realized there was a market for foam products that the large companies were ignoring. Commodore Technology is now a world leader in making polystyrene manufacturing equipment that produces items such as meat trays, food containers, and plates.

In 2009, Commodore Technology needed credit during a critical timed during the recession to handle some big orders from new countries. To fulfill these equipment orders, Commodore obtained a $500,000 loan from M & T Bank that was backed by EXIM Bank. The Bank's working capital loan guarantee provides lenders the security to loan money for international transactions that tend to be riskier than domestic transactions. With this revolving loan, Commodore increased its exports 15% by supporting nearly $6 million in sales. This export sales increase added three jobs to the company's workforce to 32. Since then, EXIM also provided buyer financing support (via a few medium-term loan guarantees) for a buyer in Paraguay.

EXIM has supported $19.1 million in Commodore's international sales from 2013 to 2017.

EXIM Bank's guarantee helped us hurdle the difficult part of the recession and enter new countries,
Lee Statt, Controller