FOR IMMEDIATE RELEASE March 5, 2000
Linda Formella (202) 565-3200, Susan Hein (TAPP) 202-565-3915
ELF Machinery, L.L.C., is a small business manufacturer of packing machinery in La Porte, Ind., that is planning to expand sales in overseas markets with the help of an important partner, the Export Import Bank of the United States (Ex-Im Bank).
ELF Machinery is benefitting from an Ex-Im Bank medium-term insurance policy to insure receivables on an equipment sale to a private sector buyer in El Salvador. With 150 employees, ELF Machinery is one of the main employers in La Porte, and the company wants to expand its customer base in the Latin American market. Ex-Im Bank insurance enables US companies to offer better credit terms to foreign buyers in competing for overseas business.
ELF Machinery is also a member of the Packaging Machinery Manufacturers Institute (PMMI), a member of Ex-Im Bank's Trade Association Partners Program (TAPP). Through PMMI, ELF Machinery is learning more about Ex-Im Bank loan, guarantee and insurance programs.
Ten years ago, we relied mostly on the banks to get the word out to our customers about Ex-Im Bank's financing, said Michael Howard, director of Ex-Im Bank's Midwest regional office, whose staff made a follow-up visit to ELF Machinery last fall. Now, with programs like TAPP, we gain direct access to customers and potential customers, and we want them to know that we will travel and go out to them to help them with our financing.
PMMI is one of more than 50 trade associations working through TAPP, which allows Ex-Im Bank to leverage its marketing efforts to hundreds of potential customers. The trade associations inform their members about Ex-Im Bank's financing programs and refer members to Ex-Im Bank's six regional offices (New York, Washington, DC, Miami, Chicago, Houston, and Long Beach, CA) and satellite offices in San José and Orange County, CA and more than 35 state and local entities providing access to Ex-Im Bank through its City/State Partners Program.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to developing markets throughout the world, by providing loans, guarantees, and export credit insurance. In fiscal year 1999, Ex-Im Bank helped to finance nearly $17 billion of U.S. exports worldwide.