May is known as Asian American and Pacific Islander heritage month. As a first generation Korean American, I am proud to celebrate my Korean and American heritage. I am also proud to be associated with an agency like the Export-Import Bank of the United States (EXIM) that has a rich history supporting exports to Asian countries and AAPI-owned businesses.EXIM’s history financing projects and supporting U.S. exports to Asia goes as far back as 1938, when EXIM authorized over $22 million for the Burma Road construction in China. Since its inception, EXIM has supported businesses of all sizes across hundreds of industries.
Here are the stories of three Asian American small business owners who have grown their businesses through exporting with the support of EXIM.
Angie Yu, Founder of Two River Fisheries, Inc. of Wickliffe, Kentucky, recently participated on a EXIM webinar titled “Women’s History Month: Exporting in a Global Market” as part of group of women entrepreneurs who shared their experiences exporting.
"Before I knew EXIM Bank, most of my transactions were done with LC's (Letters of Credit). Once I learned about EXIM’s Export Credit Insurance, I knew it could help me a lot. This gave me the confidence to keep working with new larger companies and enter new markets. If I ever had a problem with nonpayment, EXIM was there to help me out." – Angie Yu
Jack Huang, President of Calway Foods, Inc. of Santa Clara, California, shared his experiences during EXIM’s AAPI webinar titled, “Export to Asia with Confidence”.
"Our business continued to grow and by our fifth year we needed some additional working capital. We knew our bank would not approve the loan due to risks and other issues. This is why EXIM’s Working Capital Loan Guarantee is the best way to go. By having EXIM guarantee the loan up to 90%, the banks have the incentive to approve it. " – Jack Huang
EXIM’s 2020 Exporter of the Year Award Winner, Dr. Wei-Shin Lan, Founder of Acoustic Sheep of Erie, Pennsylvania, has utilized EXIM’s export credit insurance since 2017.
“EXIM has given us the confidence to work with new distributors in more risky countries as well as expand our sales to existing distributors, giving them more credit — and increased sales — over time. We used to worry about doing enough due diligence on international partners or asking them to pay up front. Now, we are still careful, but we know that EXIM has our back if anything goes wrong.” - Dr. Wei-Shin Lan
EXIM is just one tool that should be included in your exporting toolbox! To learn more about EXIM and the resources we offer, request a no obligation free consultation today!