Kentucky Woman-Owned Small Business Two Rivers Fisheries Named EXIM Exporter of the Year
WASHINGTON - Two Rivers Fisheries Inc., a woman-owned small business in Wickliffe, Kentucky, that processes and exports local fish to 12 countries, 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 2020, was awarded today during EXIM's 2021 Annual Conference being held virtually September 21-23.
"I am pleased to recognize Two Rivers Fisheries 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."
After being involved in seafood and export-import industries for many years, Chinese American entrepreneur Angie Yu decided to address the increasing problem of Asian carp, an invasive species found in the Mississippi River ecosystem, by establishing Two Rivers Fisheries in 2012. Yu founded the company to harvest carp from local rivers and lakes and export the fish to China and other countries. Environmentally conscientious in other ways, Two Rivers Fisheries also harnesses the heat output of its processing equipment to heat the company's offices and turns its waste product into organic fertilizer, all while helping to control the population of carp in local rivers and lakes. Yu's efforts were celebrated and featured in a 2019 short film about creative adaptation called ADAPTATION: Kentucky.
The company's export sales had been supported by letters of credit, but after Yu began using EXIM's export credit insurance, the company was able to reach new customers and expand into new markets.
"When I learned about EXIM's export credit insurance, I knew it could help me a lot," said Two Rivers President Angie Yu. "This gave me the confidence to keep working with new larger companies and enter new markets. If I ever had a problem with nonpayment, EXIM was there to help me out."
Yu added, "EXIM is a great partner to work with for small businesses seeking to export, as it could provide valuable financial assistance as well as invaluable know-how and informational leads."
Since 2014, EXIM has supported exports valued at $437 million from 34companies - including 24small businesses like Two River Fisheries - across Kentucky.
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.
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.