EXIM’s Export Credit Insurance and Working Capital Guarantees Enabled Florida Manufacturer to Expand Existing Sales and Enter New Markets
FOR IMMEDIATE RELEASE September 21, 2021
Office of Communications (202) 565-3204
WASHINGTON — Motortronics, a small-business manufacturer based in Clearwater, Florida, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which has used EXIM’s export credit insurance and working capital programs to support its international sales since 2007, was awarded today at EXIM’s 2021 Annual Conference being held virtually September 21-23.
“I am honored to recognize Motortronics for its outstanding contributions to fulfilling EXIM ’s mission of supporting American jobs by facilitating U.S. exports,” said EXIM Acting Senior Vice President of Small Business and Vice President of Women- and Minority-Owned Business Outreach Tamara Maxwell. “Approximately 90 percent of EXIM’s authorizations directly support small businesses such as the exporters being awarded at the annual conference. We are dedicated to facilitating the exporting success of U.S. small businesses as they compete in the global marketplace and support American jobs at home.”
Motortronics is a leader in the manufacturing of solid-state AC motor controls and motor production products serving the industrial markets. The company’s products help electrify and protect motors and equipment that serve most all essential markets such as fresh water, waste-water, oil, gas, semiconductor, HVAC, and refrigeration. This small business has relied on EXIM since 2007, using both export credit insurance and working capital guarantees. The company ships to buyers in more than two dozen countries and has credited EXIM with the ability to enter markets around the globe and win new customers in developing countries to obtain their products.
“EXIM is a great partner to help expand your business. For any small business wanting to expand their footprint, EXIM's programs allow you to become competitive in the world market and provide products and services in areas of the world that were previously not attainable to you. All you need is a good banking relationship and a great EXIM broker and ‘the world is your oyster,’” said Motortronics President Jim Mitchell and Vice President Administration Joyce Mitchell.
Motortronics has an EXIM-guaranteed working capital loan facility that supports approximately $20 million in export sales of electrical control equipment primarily to South Korea, Singapore, and Egypt. The company also has a $3.5 million short-term multibuyer insurance policy with shipments reported to 29 buyers in 14 countries, primarily Egypt, China, and Turkey.
Since 2014, EXIM has supported exports valued at $6 billion from 563 companies—including 472 small businesses such as Motortronics—across Florida.
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 create 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 several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.