Has your small business started to export its products or services? You might be concerned about not receiving payment from foreign buyers and therefore become more cautious about selling to companies outside U.S. borders.
The Export-Import Bank of the United States (EXIM) is a U.S. federal government agency that can help you protect your business and provide needed cash flow resources.
Back in the 1970s and 1980s, my grandfather had a thriving domestic foam rubber business. He used to make cosmetic sponges for my grandmother and mother to use for applying their makeup. If my grandfather was still around today, I would have recommended that he take his foam rubber business for cosmetic sponges to the next level and market to Europe. Because my grandfather could speak fluent Italian (he worked for an Italian bakery during the Great Depression), he probably would have the most success by exporting to Italy first. He could have researched different distributors through his local U.S. Department of Commerce office (hyperlink: https://www.trade.gov/contact-us) or Small Business Development Center, a warm introduction is available through EXIM for either.
He could get started with the EXIM’s Single-Buyer Export Credit Insurance to qualify his first international customer – which only requires one reference from one other U.S. supplier that already extends credit to that same international customer, for up to a $50,000 EXIM approval. There is also a list of EXIM’s approved insurance brokers (hyperlink: https://www.exim.gov/tools-for-exporters/broker-and-lender-locator) to offer assistance throughout the process at no cost.
Please Note: EXIM is not an authorized entity to provide any “Made In USA” products or services for defense-related items that may be part of the ITAR (International Trade in Arms Regulations) or Official Munitions Listing materials for exports.
To get started for more information about EXIM services, please click the free consultation icon below.