Many Oregon and Northwest Companies Successfully Exporting through Ex-Im Bank
FOR IMMEDIATE RELEASE June 23, 2004
Linda Formella (202) 565-3200
Oregon and Pacific Northwest companies of all sizes- small, medium-sized and large- can learn how to expand and finance their export sales using the resources of federal trade agencies at an exporter symposium sponsored by the Export-Import Bank of the United States (Ex-Im Bank) in Medford, Ore., on Tuesday, June 29, 2004. The half-day symposium will cover the many products and services available from Ex-Im Bank, the U.S. Commercial Service of the Department of Commerce and the Small Business Administration.
EVENT: Exporter Symposium
WHEN: Tuesday, June 29, 2004; 8:30 a.m.- 12:00 p.m.
WHERE: Red Lion Hotel, 200 N. Riverside Ave., Medford, Ore.
COST: $49.00 (includes training materials)
REGISTER:Access online registration at www.exim.gov (click on the seminar link), call (202) 565-3936 or fax a downloaded application to (202) 565-3723.
Many companies in Oregon and the Pacific Northwest are successfully using Ex-Im Bank's products to meet their financial needs such as obtaining working capital, insuring short-term export sales or financing exports on repayment terms of one year or more. In the past five years, Ex-Im Bank has supported more than $237 million of Oregon exports to world markets.
For example, Advanced Power Technology Inc. (APT), a publicly traded small business in Eugene, Ore., used Ex-Im Bank's working capital guarantees to obtain loans from Silicon Valley Bank for several years in the late 1990s when the company was privately owned. Ex-Im Bank's guarantee enabled the company to finance their foreign receivables from customers throughout Europe, Asia and the Pacific Rim. The company designs, manufactures and markets high power, high voltage and high performance semiconductors.
Ex-Im Bank's guarantee was an invaluable resource for us because a substantial amount of our revenue is offshore to international clients. Ex-Im Bank enabled us to borrow against our foreign receivables when we needed the capital, said Greg Haugen, APT's chief financial officer.
Burley Design Cooperative, a small business manufacturer also located in Eugene, uses Ex-Im Bank's short-term, multibuyer export credit insurance to cover the risks of buyer nonpayment on its international sales. The company manufactures and markets bicycle industry products such as bicycle trailers, tandems, recumbents, road bikes, commuter bikes and rain gear. The company exports primarily to northern Europe.
Ex-Im Bank's insurance is an invaluable tool that enables us to send our shipments overseas on open account terms, which keeps us competitive in these markets. Without Ex-Im Bank's insurance, we would not be able to assume the risk, Beverly Barr, Burley Design Cooperative's credit manager, said.
Ex-Im Bank also insures U.S. export sales to single foreign buyers. Turf Merchants Inc. in Tangent, Ore., is a small business producer of turf-grass seed that exports to over 20 countries. Turf Merchants is using Ex-Im Bank's short-term, single buyer insurance to sell to a privately owned company in China.
Ex-Im Bank's insurance helped us to expand our business in China where otherwise we wouldn't have been able to export, said Carrie Shrum, Turf Merchant's export manager.
Ex-Im Bank, the official export credit agency of the United States, is in its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2003, Ex-Im Bank authorized financing to support $14.3 billion of U.S. exports. For more information, visit www.exim.gov.