EXIM's Export Credit Insurance Enabled Wisconsin Small Business to Export More Than $62 Million in Floor Cleaning Equipment Since 2014
FOR IMMEDIATE RELEASE
September 11, 2020
Media Contact Name/Phone: Office of Communications (202) 565-3203
WASHINGTON - RPS Corporation, a small business in Racine, Wisconsin, that manufactures commercial floor cleaning equipment, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which has used EXIM's export credit insurance to support its international sales since 2008, will be honored during EXIM's 2020 Annual Conference, the largest conference in the agency's history, which is being held virtually September 9-11.
RPS Corporation has been building FactoryCat and Tomcat sweepers and floor scrubbers for the industrial sector since 1986. The company manufactures more than 40 models of its battery-powered, high-performance, compact floor cleaners, making it the fastest growing industrial floor equipment manufacturer in the business. FactoryCat and Tomcat products are sold through more than 350 distributors in 36 countries.
"I am honored to recognize RPS Corporation on behalf of EXIM for its outstanding contributions to fulfilling our agency's mission of supporting American jobs by facilitating U.S. exports," said EXIM President and Chairman Kimberly A. Reed. "The winners of EXIM's Exporter of the Year award come from every region of our country and many different industries, but all represent American ingenuity and success. Approximately 90 percent of EXIM's authorizations directly support small businesses like the exporters being awarded today, and at EXIM we are proud to help in the success of these small businesses as they compete in the global marketplace and support American jobs."
RPS Corporation's network of authorized dealers around the globe stock demonstration products as well as new inventory. Because of the long transit times required to ship equipment, those international distributors need financial support. In 2008, RPS Corporation turned to EXIM, leveraging export credit insurance to extend favorable credit terms to its customers. Over the last six years, EXIM has supported exports valued at more than $62 million with top markets including Germany, Australia, and the United Kingdom. The company now averages 150 employees, with 30 percent of those jobs supported by exports. The company's policies are facilitated by EXIM broker Newstead Credit and Political Risk, Inc., of Evanston, Illinois.
"EXIM support has allowed us to extend more credit to international markets and has driven increased sales ever since we started using it," said Sean Goff, RPS Corporation's CEO. "Properly selling and supporting equipment requires a large financial investment and patience."
Since 2014, EXIM has supported exports valued at $1 billion from 149 companies - including 99 small businesses like RPS Corporation - across Wisconsin.
U.S. companies, particularly small businesses, can utilize EXIM's financing tools and resources to increase their international sales, showcase their "Made in the USA" products, and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency's existing programs.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.