Company sales have increased from $5 million to almost $49 million due to exports
FOR IMMEDIATE RELEASE October 31, 2014
Lawton King, (202-565-3408)
WASHINGTON, D.C. - CECA Supply & Services Inc. of Houston, Texas, has relied upon the Export-Import Bank's Working Capital Guarantee Program for nearly a decade to export oilfield equipment to Algeria.
Ex-Im Bank's Working Capital Guarantee Program is a tool we are very proud of because it empowers Texas small businesses like CECA to boost sales abroad and support jobs at home, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2013 alone, Ex-Im Bank supported $3.8 billion in Texas small business exports from over 200 companies.
Founded in 2002, CECA currently employs 11 people in Houston. Since taking advantage of Ex-Im Bank's financing, the company has increased its sales from $5 million to just under $49 million, all of which are export-related.
Ex-Im Bank's Working Capital Guarantee Program has allowed us to free up cash flow so we can better navigate the challenges and capitalize on the opportunities that exporting our equipment globally provides, said Rami Touma, president of CECA. We are strong believers in the product.
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 2013, Ex-Im Bank approved more than $27 billion in total authorizations. These authorizations supported an estimated $37.4 billion in U.S. export sales, as well as approximately 205,000 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.