FOR IMMEDIATE RELEASE April 3, 2007
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. - Omega Environmental Technologies of Dallas, Tex., will receive the 2007 Small Business Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at Ex-Im Bank's annual conference in Washington, D.C., on Thursday, April 12.
Omega, a distributor of automotive air conditioning equipment for cars, buses, off-road and agricultural equipment and other vehicles, grew more than 50 percent from 2003, when the company began using Ex-Im Bank's working capital guarantee, to the present.
We were trying to find a way to increase our export sales, but our bank -- Comerica Bank -- couldn't help us any more under a conventional line of credit, and they suggested that we use an Ex-Im Bank facility, said Omega President Grace Davis. That's when our business took off. Our credit no longer was capped. And the working capital guarantee facility opened a bunch of doors for me. I am now able to offer credit to my customers all over the world, and that is a huge plus for them and for me.
Davis said Omega's sales grew 52 percent from $30 million to almost $46 million between 2003 and 2006, and will reach a projected $52 million for 2007. At the same time, the company's Dallas workforce grew from 46 to 60, and Davis opened offices in Florida and New Jersey.
This is the kind of U.S. small business success that Ex-Im Bank exists to foster, said Ex-Im Bank Chairman and President James H. Lambright. With her indomitable spirit, Grace Davis has found a niche to provide U.S. equipment and services to markets around the world while creating U.S. jobs. She is an ideal recipient of this award.
Davis came to the United States from Panama 25 years ago with an extensive international banking background, but initially had to take a job as a teller because Dallas banks considered her inexperienced in the U.S. marketplace. She gained experience working with exporting companies, established her own company in 1989, and became a U.S. citizen.
Four of Davis's five sisters -- three from Panama and one living in the United States -- will come to Washington, D.C. to see her receive her award.
Ex-Im Bank's 32nd annual conference on April 12 and 13 will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 12 luncheon program which begins at 12:30 p.m.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2006, Ex-Im Bank authorized over $12.1 billion in transactions supporting an estimated $16.1 billion in U.S. exports.
For more information about Ex-Im Bank's Annual Conference, including online registration, accommodations, and program details, visit //www.exim.gov/.