EXIM's Export Credit Insurance Enabled North Carolina Small Business to Expand Existing Sales and Enter New Markets
PRESS RELEASE
Media Contact: Office of Communications (202-565-3203)
For Immediate Release: September 11, 2020
Interstate Narrow Fabrics, Inc., Named 2020 EXIM Exporter of the Year
WASHINGTON - Interstate Narrow Fabrics, Inc., a small business in Haw River, North Carolina, that manufactures narrow fabrics such as elastics, ribbons, and straps, 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 to support its international sales since 2009, will be honored during EXIM's 2020 Annual Conference, the largest conference in the agency's history, which is being held virtually September 9-11.
Interstate Narrow Fabrics is a family-owned company that has been producing high quality woven and knitted products in Alamance County, North Carolina, for 35 years. It manufactures a wide variety of items including elastics, tapes, ribbons, laces, cords, straps, and webbings which are used in industries ranging from apparel to medical to automotive, including well known consumer brands. Many of Interstate Narrow Fabrics' exports are used for medical garments that return to the Unites States for patient use. When the coronavirus hit earlier this year and the need for personal protective equipment (PPE) became apparent, the company adapted to increase its production of face mask elastics and medical gown tapes, with staff working through the height of the COVID-19 pandemic to support the nation's PPE supply chain.
"I am honored to recognize Interstate Narrow Fabrics on behalf of EXIM for its outstanding contributions to fulfilling our agency's mission of supporting American jobs by facilitating U.S. exports," said EXIM President and Chairman Kimberly A. Reed. "The winners of EXIM's Exporter of the Year award come from every region of our country and many different industries, but all represent American ingenuity and success. Approximately 90 percent of EXIM's authorizations directly support small businesses like the exporters being awarded today, and at EXIM we are proud to help in the success of these small businesses as they compete in the global marketplace and support American jobs."
During the recession of 2009, Interstate Narrow Fabrics turned to EXIM's export credit insurance to cover its international accounts, which allowed the company to maintain established accounts and expand international sales despite the financially uncertain times. Over the years, the company has continued to grow its export business, which has provided new jobs for several employees. Since 2014, EXIM has supported exports to markets including Mexico, Canada, Dominican Republic, and Sri Lanka. The company's policies are facilitated by EXIM broker Global Business Solutions of Winston-Salem, North Carolina.
"We have been very pleased for over 10 years with the service and peace of mind the credit insurance with EXIM brings to our company," said Tony Vailati, President of Interstate Narrow Fabrics. "This allows us to comfortably grow our international business without the worry of substantial losses. I would not think of doing business internationally without this insurance."
Since 2014, EXIM has supported exports valued at $2 billion from 147 companies - including 123 small businesses like Interstate Narrow Fabrics - across North Carolina.
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 several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency's existing programs.
ABOUT EXIM:
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.