EXIM’s insurance helped Oregon small business producer of natural foods to export more than $14 million of products in past five years
FOR IMMEDIATE RELEASE March 29, 2019
Linda Formella (202-565-3204)
Washington, D.C. – Bob’s Red Mill Natural Foods, Inc., in Milwaukie, Oregon, a small business producer of a wide range of grain products and other natural foods, has been named Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company will receive the award at EXIM’s 2019 Annual Conference being held at the Omni Shoreham Hotel in Washington, D.C. The awards will be presented at the luncheon today.
Established in 1978 by Robert “Bob” Moore and his wife, Charlee, Bob’s Red Mill Natural Foods expanded from an initial five-acre farm to a 325,000-square-foot headquarters that includes a laboratory, a manufacturing plant, and a large distribution center. The company’s employees have become employee-owners since Bob Moore created a qualified Employee Stock Ownership Plan on his 81st birthday in 2010.
“Bob’s Red Mill Natural Foods is truly a company ‘grown in America,’ founded by entrepreneurs who began with a vision of creating high-quality products for consumers and then achieved tremendous growth and success that translates into hundreds of jobs and profit-sharing for their employees. The company exemplifies EXIM’s mission of supporting and creating jobs through exports. We are proud to be playing a role in the success of this great American business,” said EXIM Senior Vice President of Small Business James Burrows.
“EXIM’s support has been indispensable in the growth and success of Bob’s Red Mill Natural Foods. Our nutritious product line is in high demand by health-minded consumers across the globe, and EXIM has made it possible for us to forge strong economic relationships with international merchants eager to fulfill that demand,” said Bob’s Red Mill’s CEO Dennis Vaughn.
Bob’s Red Mill Natural Foods has used EXIM’s multibuyer and single-buyer export credit insurance policies to support the international sales of its products that are now being shipped to more than 60 countries. Since 2014, EXIM has insured nearly $14 million of the company’s exports. The company’s policies are facilitated by EXIM broker Heffernan Insurance.
EXIM’s export credit insurance gives U.S. exporters the confidence to sell to customers in new international markets and expand sales in existing markets. EXIM provides single-buyer and multibuyer policies to insure exports from the United States, covering 85 to 95 percent of the sales invoice amount in the event of nonpayment by a foreign buyer. EXIM-insured foreign receivables can be assigned to a lender and can also function as collateral to increase the exporter’s borrowing capacity.
Over the past five years, EXIM has provided $205 million in authorizations in support of an estimated $613 million of U.S. exports sourced from 73 Oregon businesses, nearly 85 percent of which were small businesses.
ABOUT EXIM BANK:
EXIM Bank is an independent federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM Bank can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country. Since 2000, EXIM Bank has provided $14.8 billion to the U.S. Treasury after paying for all of its administrative and program expenses.