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Virginia Software Firm Posts Smaller Performance Bond Due to EXIM

Exporter/Customer: 
Team Askin Technologies
Export Destinations: 
Saudi Arabia, Singapore
EXIM Bank Product: 
Working Capital and Export Credit Insurance
Jobs Supported: 
25

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Team Askin Technologies, Inc. (TATI) is a minority woman-owned company, located in Fairfax, Virginia. This 45 employee company provides software and consulting services, including regulatory information management systems and aviation regulatory expertise.

In late 2009, TATI was awarded a large multi-million dollar contract by the Kingdom of Saudi Arabia General Authority of Civil Aviation located in Jeddah. TATI recognized it needed working capital for this major project, so it obtained a $2.8 million line of credit from PNC Bank backed by EXIM Bank’s working capital loan guarantee. The funds were used to post the bond requirement for the project and to provide more resources to ensure its completion.

The company also worked with their broker Global Insurance Services to obtain an export credit insurance policy for $5 million from to mitigate the risk of nonpayment from their foreign buyers. As a result, TATI has been able to increase their exports and create 25 more jobs. 

“The working capital allowed us to post the 10% bond required by our contract. Most small businesses do not have that amount of disposable working capital. Thanks to the loan guarantee provided by EXIM, we were able to obtain the funds to meet this important contract and increase our exports tenfold.”
Debbie Askin, President and CEO