Overland Park, Kansas Small Business Success Story Relies on EXIM’s Export Credit Insurance to Export Transformational Encryption Technology to More Than 20 Countries
FOR IMMEDIATE RELEASE November 13, 2020
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OVERLAND PARK, Kansas — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday presented a 2020 Exporter of the Year award to DataLocker, a small business that manufactures encrypted data storage solutions, and toured the company’s facility in Overland Park, Kansas.
The company, which has used EXIM’s export credit insurance to support its international sales since 2016, also was honored virtually during EXIM’s 2020 Annual Conference in September. DataLocker, a start-up founded in 2007, is an innovative and transformational 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 health care, use DataLocker products to secure, store, and transfer confidential data.
DataLocker CEO Jay Kim and EXIM Chairman Kimberly Reed
“DataLocker is a great Kansas success story that underscores how EXIM can help small businesses export their American ingenuity around the world, and I am proud to recognize this transformational company as a 2020 Exporter of the Year,” said EXIM Chairman Reed. “I also want to recognize CEO Jay Kim and the entire DataLocker team for their perseverance during the COVID-19 global epidemic. Because of their innovation to provide the right data solutions consumers need now and the reduction of the federal corporate tax rate, DataLocker’s sales are up 40 percent and there is no better place to be based than the United States. They also have hired two employees over the past six months and currently have four job openings. We at EXIM are proud to help in the success of small businesses like DataLocker 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 insurancefor 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.
“DataLocker is thankful for EXIM’s programs, which have allowed us as a small business to freely pursue markets around the world. These programs have given us a competitive advantage over our global competitors,” said Jay Kim, DataLocker’s CEO.
EXIM Chairman Kimberly Reed with DataLocker CEO Jay Kim (holding EXIM award certificate) and DataLocker Team Members
Since 2014, EXIM has supported exports valued at $911 million from 50 companies—including 31 small businesses like DataLocker—across Kansas. Approximately 90 percent of EXIM authorizations directly support small businesses.
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 severalCOVID-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.