International Sales Grow 60 Percent with Bank's Support
FOR IMMEDIATE RELEASE February 2, 2015
Lawton King (202-565-3200)
Washington, D.C. - Kaivac Inc., based in Hamilton, Ohio, is a small business manufacturer that exports cleaning machines, spare parts, accessories, and cleaning chemicals to markets abroad. The company has grown its international sales by 60 percent in 2014, largely due to the support provided by Ex-Im Bank.
Founded in 1998, Kaivac began utilizing Ex-Im Bank's export credit insurance, which empowers companies to increase export sales by limiting their risk of nonpayment, in 2011 and has since expanded their global reach selling their products in Poland, Panama, and the U.A.E.
Small businesses in Ohio like Kaivac are perfect examples of companies that can benefit from Ex-Im Bank's export credit insurance to stimulate sales overseas, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2014 alone, Ex-Im Bank supported $277.7 million in Ohio small business exports, which accounts for 60 percent of Ex-Im supported exports from the state.
The company employs 49 people.
Ex-Im Bank has helped us greatly, said Robert Toews, Chief Financial Officer of Kaivac. We are able to offer international customers the ability to purchase on credit terms, which we could not do before because of our small size and the larger risks involved in international business. We can now offer our good international customers virtually the same services that we offer in the U.S.
Kaivac has brokered with Gallagher SKS, who has provided the company with guidance and assistance in the use of Ex-Im Bank insurance. A list of brokers facilitating the Bank's insurance policies can be found on Ex-Im's web site at //www.exim.gov.
For more information about Ex-Im products and services, 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.