In January of this year, the World of Concrete welcomed exhibitors and visitors from around the world to Las Vegas for four days of meetings, educational seminars and opportunities to meet new international customers. Working with buyers from around the globe, the U.S. Commercial Service connected U.S.-based World of Concrete exhibitors interested in expanding sales internationally, with potential overseas partners. One-on-one meetings, supported by a multi-lingual staff, and export counseling from trade specialists with the U.S. Commercial Service and EXIM Bank provided a wealth of opportunities for companies looking for new channels of distribution.
A 2001 report from the concrete industry’s Strategic Development Council entitled “Vision 2030: A Vision for the U.S. Concrete Industry” states that over 95 percent of the 6,100 U.S.-based companies that produce $35 billion of concrete annually employ fewer than 100 people. When you broaden the scope to include companies in the supply chain (materials suppliers, haulers, designers), over 2 million U.S.-based jobs are generated by the concrete industry.
Fritz-Pak of Mesquite, Texas is one such small business fueling the concrete industry. Founded in 1998, Fritz-Pak manufactures concrete admixtures that both improves the quality of concrete and enhances the efficiency and safety of construction practices. From its inception, the company embraced international sales and Fritz-Pak is now a worldwide enterprise with exports accounting for 35 percent of yearly sales. But exporting is not without challenges and it was imperative that Fritz-Pak protect the company’s finances while growing the business.
Export credit insurance from EXIM Bank was key to Fritz-Pak’s international success. All businesses want to protect themselves from risk. For small businesses, the risk of nonpayment by foreign buyers can have a profoundly negative impact on operations. Mitigating this risk empowers small companies like Fritz-Pak to expand overseas while protecting the company’s assets. Export credit insurance does just that — it provides insurance coverage for foreign receivables, mitigating the risk of nonpayment and opening opportunities to sell into new international markets and to new overseas buyers.
“Exporting as a small business can be a risky proposition in some markets, “ says Gabriel Ojeda, President of Fritz-Pak. “But having EXIM Bank coverage in place gives me the peace of mind to expand my business into new markets, while mitigating many off the risks associated with international transactions and changing market conditions.”
“We may be small, but we think big,” says Ojeda. “In an age where everything seems to be made someplace else, we’re thriving here in Texas. There’s no doubt this success is in no small part due to the services provided by EXIM Bank.”
Join Gabriel Ojeda, President, Fritz-Pak, Rick Yelton, Editor at Large, World of Concrete and Sharyn Koenig, Managing Director, EXIM Bank on February 22, 2017, at 2 pm Eastern time for a FREE interactive webinar on how small businesses drive success by exporting their products and services to international markets. Register for a FREE webinar!