Carver, Mass., Company reached $60 million in sales with Bank's support
FOR IMMEDIATE RELEASE November 26, 2014
Office of Communications (202-565-3200)
Washington, D.C. - With Thanksgiving just around the corner, turkey, gravy, and cranberries are on everyone's mind.
Founded in 1935 by a trio of Greek immigrants, Decas Cranberry Products Inc., is a family-owned small business based in Carver, Mass., that sells cranberries and cranberry products to Europe, Canada, Mexico, South America, and Asia, as a direct result of the support provided by the Export-Import Bank of the U.S. (Ex-Im Bank).
Since utilizing Ex-Im Bank's export credit insurance, which enables companies to increase export sales by limiting their risk of non-payment, the company's sales have reached $60 million, approximately 15 percent of which is export-related.
Ex-Im Bank's export credit insurance is uniquely tailored to meet the needs of Massachusetts small businesses like Decas Cranberries, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2014 alone, Ex-Im Bank supported $191.1 million in Massachusetts small business exports, which accounts for 30 percent of Ex-Im-supported exports from the state.
Decas has benefitted greatly because Ex-Im was there to provide us security with all our foreign sales, said Norman Beauregard, the CFO of Decas. Ex-Im has utilized its foreign credit resources to help us better evaluate the solidity of foreign companies. Our plans are to continuously expand our foreign sales with the assistance of Ex-Im.
For more information about Ex-Im, call 1-800-565-EXIM or visit www.exim.gov.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, Ex-Im Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.