EXIM’s Export Credit Insurance Enabled New Jersey Small Business to Export More Than $17 Million in Recycled Products
FOR IMMEDIATE RELEASE
September 11, 2020
Media Contact Name/Phone: Office of Communications (202) 565-3203
WASHINGTON — Wilmington Paper Corporation, a family-owned small business in Pine Brook, New Jersey, that exports scrap paper for recycling, 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 2009, 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.
Established in 1977, Wilmington Paper is a third-generation family-owned business that specializes in creating recycling management programs in folding carton and converting plants around the globe. Headquartered in New Jersey, the company has introduced innovative recycling programs utilized by more than 250 facilities worldwide. In addition to exporting scrap paper, Wilmington Paper provides a variety of services, including consultations that help customers establish recycling systems that capture fibers, plastics, and metals for resale, allowing them to generate revenue from their recyclables.
“I am honored to recognize Wilmington Paper 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.”
Exporting was a strategic growth initiative for Wilmington Paper from the outset. With the backing of an EXIM export credit insurance policy for environmentally beneficial products, the company was able to offer its foreign customers open account credit terms while at the same time reducing the risk of nonpayment. That allowed the company to enter crucial international markets in Asia, Europe, and South America that otherwise would have been too risky for a small business. Wilmington Paper’s exports account for about 40 percent of total sales and support half of company’s 40 employees. Since 2014, EXIM has supported exports valued at nearly $17.2 million. The company’s policies are facilitated by EXIM broker Alliant Insurance Services, Inc., headquartered in California with offices nationwide.
“EXIM is integral to our business,” said Nini Krever, Export Sales Specialist for Wilmington Paper. “Even though our claims have been minimal over the years, we would not have done the business we did without EXIM behind us.”
Since 2014, EXIM has supported exports valued at $3 billion from 142 companies — including 105 small businesses like Wilmington Paper Corporation — across Pennsylvania.
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.