EXIM's Export Credit Insurance Enabled Kansas Small Business to Export Encryption Technology to More Than 20 Countries
PRESS RELEASE
Media Contact: Office of Communications (202-565-3203)
For Immediate Release: September 11, 2020
WASHINGTON - DataLocker, a small business based in Overland Park, Kansas, that manufactures encrypted data storage solutions, 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 2016, 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.
DataLocker, founded in 2007, is an innovative provider of encryption solutions headquartered in Kansas with offices in the Netherlands and Korea. Using military-grade 256-bit encryption, the company offers a wide range of products that utilize both hardware-based external storage and software-based cloud storage encryption options as well as an enterprise central management solution. Working to ensure regulatory compliance, DataLocker provides solutions for governments and enterprises around the world. Other industries, including legal, financial and healthcare, use DataLocker products to secure, store, and transfer confidential data.
"I am honored to recognize DataLocker 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."
As DataLocker grew, the company began selling its encryption solutions internationally. In 2016, it turned to EXIM's export credit insurance for protection against the risk of nonpayment. EXIM's support enabled the company to establish favorable credit limits and payment terms for its foreign customers that facilitated additional sales. Exporting accounts for about 25 percent of revenues for the company, helping to sustain its 44 employees. EXIM has supported exports to more than 60 customers in over 20 countries. The company's policies are facilitated by EXIM broker Trade Risk Group of St. Charles, Missouri.
"EXIM gives us peace of mind to grow our global business," said Jay Kim, DataLocker's CEO.
Since 2014, EXIM has supported exports valued at $902 million from 48 companies - including 30 small businesses like DataLocker - across Kansas.
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.
ABOUT EXIM:
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.