Armed with financing from the Export-Import Bank, Equip XP expands workforce, grows international sales
FOR IMMEDIATE RELEASE June 25, 2015
Office of Communications (202-565-3200)
Washington, D.C. – Equip XP, a full-service minority-owned small business of 12 employees headquartered in Houston, Texas, has been exporting its quality construction, mining, energy, and maritime industry equipment to markets abroad. Founded in 2006, the company continues to expand into global markets thanks to financing support from the Export-Import Bank (EXIM).
Since utilizing several of EXIM’s financing products, Equip XP has been able to increase sales, expand to multiple markets, and grow its workforce by one-third. Equip XP credits this leap to EXIM’s short-term credit insurance, a product that protects small businesses from foreign buyer nonpayment, as well as to EXIM’s guarantees of commercial loans and working capital support that help Equip XP keep producing, investing, and hiring while waiting on payment for export sales to come in.
Additionally, Equip XP receives continued support and guidance from its broker, Penn International in San Antonio, as the company grows.
EXIM’s financing programs support minority-owned businesses and other small businesses like Equip XP attempting to break into new markets overseas and create good-paying jobs in their communities, said EXIM Bank Chairman and President Fred P. Hochberg. “It is our mission to empower American businesses like Equip XP to grow and create jobs by providing them with the financing they need to tackle foreign markets, compete on a level playing field, and beat out tough foreign competition.”
Since 2009, EXIM has authorized more loans to help grow minority- and women-owned businesses than it did over the previous sixteen years combined; today, it is the fastest growing sector in the Bank's small business portfolio.
“The Bank has provided additional value to our customers by creating opportunities to borrow abroad at rates lower than what they can obtain locally,” said Vernon Darko, Owner and CEO of Equip XP. We will continue to look to utilize EXIM short-term credit insurance, medium-term loan guarantees, and working capital programs.
For more information about EXIM and it’s Minority-owned and Women-owned Business Directorate, call 1-800-565-EXIM or visit www.exim.gov.
ABOUT EX-IM BANK:
EXIM 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, EXIM 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.