Company Was Able to Add 25 Jobs Thanks to Export-Import Bank Support
FOR IMMEDIATE RELEASE February 11, 2015
Lawton King (202-565-3200)
Washington, D.C. - Thanks to financing extended by the Export-Import Bank of the U.S. (Ex-Im Bank) - and with apologies to '60s British Invasion band The Troggs - Love & Quiches is all around.
Started in Susan Axelrod's kitchen in 1973, Love & Quiches sells quiches and desserts to customers all around the world, particularly in the Middle East and Asia. The business outgrew the kitchen, a garage, a local storefront, and its first factory, and now operates out of a state-of-the-art manufacturing facility in Freeport, N.Y. With private export financing options unavailable, in 2005 Love & Quiches found its perfect match with Ex-Im Bank—and they've been together ever since.
Ex-Im Bank stands ready to support even more New York small businesses like Love & Quiches as they add jobs at home by increasing sales overseas, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2014 alone, Ex-Im Bank supported $574.4 million in New York small business exports, which accounts for 45 percent of Ex-Im supported exports from the state.
Like many small businesses, Love & Quiches relies upon lines of credit and other forms of working capital to finance and grow its business. Ex-Im Bank's small business Export Credit Insurance, backed by the U.S. government, provided the reassurance needed for Wells Fargo Bank to embrace Love & Quiches, advancing funds against the company's foreign receivables and improving its cash flow.
None of our export business would have been possible without our longstanding partnership with Ex-Im Bank, and we are honored to have received the Ex-Im Bank Small Business Exporter of the Year 2014 Award, said Susan Axelrod, chairwoman and founder.
Love & Quiches' export volume increases year after year as the company continues to expand globally. Exports are approaching almost 25 percent of the company's total volume, and as a result Love & Quiches has added approximately 25 production jobs to their employee roll. The company is flirting with even greater expansion, targeting a 10 percent increase in export sales for FY 2015.
For more information about the products and services at the heart of Ex-Im's work, 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.