EXIM’s Export Credit Insurance enables qualified U.S. exporters to insure against not getting paid for shipments to international buyers and a wide variety of U.S.-made products can be covered by a policy – even ice cream and frozen desserts. All products must be shipped from a U.S. port and meet EXIM’s U.S. content requirements, and the destination countries must be open for EXIM support.
With a growing appetite for international expansion, Bassetts Ice Cream, a full-service frozen dessert business based in Philadelphia, Pennsylvania and the oldest ice cream brand in the United States, spotted an opportunity. An introduction to an international distributor at a networking event led the company to begin exporting its American-made treats to China in 2008 in shipping containers cooled by refrigeration units.
After establishing a market presence in China and with a burgeoning customer base in the Asia-Pacific region, the company wanted to reduce the risks associated with exporting and sought more support from EXIM. Using Export Credit Insurance, the company began selling on credit terms to partners in South Korea and Taiwan in addition to China, resulting in more sales.
Alex Bassett Strange, Executive Vice President of Bassetts Ice Cream, was recently interviewed on the Pennsylvania Chamber’s All Business Podcast about the benefits of exporting and the resources used by the company to become a successful exporter. He noted that U.S.-made products are in high demand in other parts of the world and referenced the World Trade Centers Association and the State Regional Trade Group Food Export with assisting the company in its global growth efforts, along with EXIM.
To learn more about how EXIM’s financing support can minimize risk for U.S. exporters and to see if your products are eligible for EXIM support, click here to schedule a free consultation with an EXIM trade finance specialist.
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January 09, 2024
Tagged: Export Credit Insurance
EXIM’s Blog postings are intended to highlight various facets of exporting, but the postings are not legal advice, and are not intended to summarize all legal requirements associated with exporting.