MicroXact, Inc., a small business with nearly 20 employees, is located in Radford, Virginia. The company manufactures instruments used for measuring and testing semiconductor devices and circuits. It provides 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 two beneficial products. EXIM's Working Capital Loan Guarantee enabled the company to access lender loans to fulfill its export sales orders. EXIM covers 90 percent of the lender's risk of loan nonpayment. EXIM's Express Export Credit Insurance protected MicroXact against the risk of nonpayment from foreign buyers.
EXIM has supported more than $400,000 of MicroXact’s exports since 2017. The company now exports to 17 countries worldwide reaching six of the seven continents. With EXIM’s support, almost half of its total sales are exports.