Growing Export Sales Help Company Add More Than 70 Jobs Since 2008
FOR IMMEDIATE RELEASE March 24, 2011
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. -- Wallquest Inc., a wallpaper designer headquartered in Wayne, Pa., is to receive the 2011 Small Business Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's 36th Annual Conference -- Government at the Speed of Business -- in Washington, D.C., on March 31.
A user of Ex-Im Bank's working capital loan guarantee since 2008, with PNC Bank as the guaranteed lender, Wallquest has seen its exports soar 76 percent to over $17 million in 2010 alone. Since 2008, the family-owned company's workforce has grown from 80 to more than 150 people at facilities in Pennsylvania, New York and New Jersey.
Wallquest demonstrates the enormous opportunities awaiting small businesses that reach beyond U.S. borders, where 95 percent of the world's consumers are, said Ex-Im Bank Chairman and President Fred P. Hochberg. We hope this innovative company's example will lead many more U.S. small businesses to tap government resources to expand globally while supporting American jobs.
Wallquest, established in 1975, exports to approximately 90 foreign buyers in over 50 countries, including China, Saudi Arabia, Turkey, Brazil, Russia, and the United Arab Emirates (UAE).
Almost all of our growth since 2008 has been in the export market, said Wallquest Vice President Jack Collins, son of owner John Collins. The way Ex-Im Bank helps us has been immense. The Bank takes the concern out of financing exports. It has been a seamless process for us because of the relationship between Ex-Im Bank and PNC. They have really helped us expand our global business.
Wallquest uses a variety of printing techniques to produce innovative wallcovering designs in an environmentally conscious manner. Its facilities use only water-based inks, and all of its papers are sourced from Forest Stewardship Council (FSC)-certified sources.
Ex-Im Bank's Annual Conference on March 31st - April 1st will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place at 1:45 p.m. on March 31.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private sector export financing at no cost to American taxpayers. The Bank provides a variety of financing products, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. capital goods and services.
By charging fees and interest on all loan related transactions, Ex-Im Bank is self-sustaining. It is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.