Partners with Vermont Agency of Commerce and Community Development and Small Business Textile Exporter Darn Tough Vermont in Webinar that Completes EXIM’s All America Initiative
FOR IMMEDIATE RELEASE September 30, 2020
Office of Communications (202-565-3203)
WASHINGTON — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today delivered prerecorded remarks to more than 500 registrants of a webinar hosted in partnership with the Vermont Agency of Commerce and Community Development and Darn Tough Vermont®, a Made in Vermont company that makes premium all-weather performance socks, reaching the final state in EXIM’s All America Initiative.
The Vermont webinar marked completion of EXIM’s All America Initiative, an effort launched in May 2019 to hold educational and outreach events in all 50 states, the District of Columbia, and five U.S. territories to highlight how American companies can utilize EXIM support to grow their business through exporting.
During today’s virtual event, Chairman Reed discussed how Vermont businesses, particularly small businesses, can leverage EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs. She also underscored EXIM’s COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
“Today is a very special day to be virtually celebrating with the businesses and citizens of Vermont. This webinar concludes EXIM’s All America Initiative, achieving the goal of reaching out to exporters all across our great country, to support them and their workers,” said Chairman Reed. “EXIM wants Vermont companies, of all sizes, to follow Darn Tough’s lead and attain their full potential. We want them to grow and gain greater success through exporting, the way so many American small businesses have done.”
Darn Tough, headquartered in Northfield, Vermont, manufactures premium all-weather performance socks. With support from its EXIM registered insurance broker, Meridian Finance Group, the company relies on EXIM’s export credit insurance to support sales to more than a dozen distributors covering nearly 30 countries throughout Asia, Europe, and North and South America as it works to achieve worldwide brand recognition and increased growth in international markets. EXIM’s charter includes a congressional mandate to support the U.S. textile industry and manufacturers such as Darn Tough.
“Working with EXIM has enabled Darn Tough to expand internationally with confidence while safeguarding one of our highest risk areas – receivables! Protecting this aspect of our business brings peace of mind and allows us to focus on customer experience and developing a strategy to bring our socks to new marketplaces,” said Joe Nocito, International Sales Manager for Darn Tough, who spoke during the webinar.
Vermont Agency of Commerce and Community Development Secretary Lindsay Kurrle also took part in the event, discussing how Vermont businesses can expand their exporting opportunities.
“Businesses have been hit the hardest by this pandemic,” said Secretary Kurrle. “And as we continue to rebuild our economy, exporting will remain a valuable strategy and tool for businesses to use as they work to sustain their livelihood and American jobs.”
Others participating in the webinar were Elizabeth Thomas, EXIM Vice President for Outreach and Education, and Sharyn Koenig, EXIM Managing Director for Eastern and Western Regions.
The speakers outlined opportunities to support small businesses with EXIM’s export financing, enabling them to increase current sales or expand into new markets. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales and offer credit terms to foreign buyers, and access working capital loan guarantees.
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.