Foodservice Equipment and Supply Company Honored During Economic Club of Florida Keynote
FOR IMMEDIATE RELEASE October 7, 2020
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TALLAHASSEE, Fla. – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today presented its Exporter of the Year award to Greenfield World Trade, a small business in Ft. Lauderdale, Florida, that provides foodservice equipment and supplies worldwide. The company, which uses an EXIM working capital loan guarantee, initially was recognized in mid-September during EXIM’s 2020 Annual Conference. Chairman Reed presented the award in person to Jonathan Vadnos, Greenfield World Trade Corporate Vice President, International, during her keynote remarks to the Economic Club of Florida in Tallahassee, Florida.
EXIM Chairman Reed presents Greenfield World Trade’s Jonathan Vadnos with their Exporter of the Year Award
For more than 20 years, Greenfield World Trade has been a wholesale provider of kitchen appliances and implements for the foodservice industry worldwide, reaching both commercial and consumer markets. The company represents more than 30 world-class manufacturers of high-quality restaurant equipment. With 450 employees, exports sustain 20 percent of Greenfield’s jobs.
“I am honored to present this award during Made in America week on behalf of EXIM to Greenfield World Trade, a great Florida success story,” said EXIM Chairman Reed. “This small business, which represents high-quality kitchen appliances and commercial foodservice equipment, the backbone of the American economy, and their success has contributed to fulfilling our agency’s mission of supporting American jobs by facilitating U.S. exports.”
“EXIM is a critical asset to the success of increasing job creation across our nation. Having worked with EXIM since 2014, we have found the process to be very straight-forward, taking minimal time and effort. Yet the resulting pay-off in new business, sales and the probable hiring of additional employee's due to new revenue streams, is phenomenal,” said Vadnos.
He continued, “I would encourage American companies, both those whom are already exporting as well as those who are just beginning to consider the export markets; to engage with the team at EXIM. Their focus on, and ability to help level the global playing field for U.S. companies is truly remarkable. EXIM is a vital resource that companies can add to their business tool-kit, helping create success in the incredibly competitive global market-place."
Greenfield currently benefits from EXIM’s guarantee of a $6 million line of credit from the company’s lender, PNC Bank, N.A., a member of the PNC Financial Services Group, Inc., headquartered in Pittsburgh, Pennsylvania. The working capital loan guarantee has allowed Greenfield’s export-related inventory and foreign receivables to be used as collateral. That makes it possible for the small business to expand its borrowing base and borrow more with the same collateral, which has allowed the company to compete more effectively and aggressively pursue international markets. Since 2014, EXIM has supported approximately $150 million of the company’s exports.
Since 2014, EXIM has supported exports valued at $5 billion from 539 companies—including 452 small businesses like Greenfield World Trade—across Florida.
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 Chairman Reed and Mr. Vadnos at The Economic Club of Florida
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.