EXIM's Export Credit Insurance Enabled Missouri Small Business to Export More Than $7.7 Million in Past Six Years
Media Contact: Office of Communications (202-565-3203)
For Immediate Release: September 11, 2020
WASHINGTON - American Botanicals, a small business in Eolia, Missouri, that supplies wholesale organic spices, herbs, and botanicals, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which has used EXIM's export credit insurance to support its international sales since 2010, will be honored during EXIM's 2020 Annual Conference, the largest conference in the agency's history, which is being held virtually September 9-11.
American Botanicals provides bulk organic spices, herbs, and botanicals to nutraceutical, companion animal, health, cosmetic, flavor and color, and food and beverage manufacturers throughout the world. A globally recognized manufacturer of quality spices and botanicals, the company is headquartered in Missouri, with facilities in Virginia and Nevada, with a history of specializing in wildcrafted botanicals since 1994.
"I am honored to recognize American Botanicals on behalf of EXIM for its outstanding contributions to fulfilling our agency's mission of supporting American jobs by facilitating U.S. exports," said EXIM President and Chairman Kimberly A. Reed. "The winners of EXIM's Exporter of the Year award come from every region of our country and many different industries, but all represent American ingenuity and success. Approximately 90 percent of EXIM's authorizations directly support small businesses like the exporters being awarded today, and at EXIM we are proud to help in the success of these small businesses as they compete in the global marketplace and support American jobs."
To mitigate the risk of selling its products in the global marketplace, American Botanicals began using EXIM's export credit insurance in 2010, allowing the company to expand into nearly a dozen new countries. With 130 employees, exports now account for nearly 40 percent of the company's revenue. Since 2014, EXIM has supported exports valued at more than $7.7 million. The company's policies are facilitated by EXIM broker Trade Risk Group of St. Charles, Missouri.
"Through EXIM, we have been able to increase our revenue by expanding export sales while minimizing risk and maximizing the borrowing base of our credit facility," said Donald Stock, CEO of American Botanicals. "There is revenue out there - go for it with EXIM as your business partner!"
Since 2014, EXIM has supported exports valued at $906 million from 79 companies - including 59 small businesses like American Botanicals - across Missouri.
U.S. companies, particularly small businesses, can utilize EXIM's financing tools and resources to increase their international sales, showcase their "Made in the USA" products, and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency's existing programs.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.