MicroXact, Inc., a small business with nearly 20 employees, is located in Blacksburg, Virginia. the company manufactures instruments used for measuring and testing semiconductor devices and circuits. They provide standard and specialty probe stations to university labs, government labs, and companies across the globe.
Before exporting, MicroXact relied on bank loans to sell domestically, however, obtaining loans in a rural city for export operations was a challenge.
Fortunately, MicroXact was introduced to EXIM BANK through a State Trade and Export Promotion (STEP) program in Virginia. EXIM was able to provide the company with its Express Export Credit Insurance protecting them against the risk of nonpayment from foreign buyers and improving their cash flow. The company can also assign its government-backed account receivables to a lender to borrow money.
EXIM supported $409,000 of MicroXact’s from 2014 to 2017. The company now exports to 17 countries worldwide reaching six of the seven continents. With EXIM’s support, almost 50% of its current sales have been export-related.