The U.S. Census Bureau reports that U.S. military veterans own 2.4 million businesses, accounting for nine percent of all businesses nationwide. These businesses employ nearly six million people and generate $1.2 trillion in revenue. One veteran owned business, Jeco Plastic Products, credits EXIM Bank with helping them grow their business by double digits through exporting.
Founded in 1979 and headquartered in Plainfield, Indiana, Jeco Plastic Products is an international leader in the development and production of plastic pallets. Over half of the company’s sales are to overseas clients in Western and Eastern Europe, North and South America, Japan and the Middle East. The company faces competition from local manufacturers in these markets and from China-based suppliers in all markets.
Since 1998, Craig Carson, CEO Jeco Plastic Products, has worked with EXIM Bank to protect the company’s foreign receivables from nonpayment by international buyers and raise working capital to manufacture pallets that are exported. Speaking at a recent U.S. Conference of Mayors, Mr. Carson talked about the role EXIM Bank’s export credit insurance and working capital loan guarantee played in the company’s growth.
"Our export business at Jeco Plastic Products has shown double-digit annual growth in recent years, in part because we were able to offer open account payment terms and still eliminate the risk of nonpayment by overseas customers. The security provided by EXIM Bank guarantees also allows Jeco to finance working capital on very favorable terms. As a smaller company, Jeco values greatly the assistance of the US Export-Import Bank, and we are proud of the effect our export success has upon our employees and the community."
Veteran’s Day is an important opportunity to reflect on the contributions and sacrifices made by our men and women in the military. For people that work for or with veteran-owned businesses, there are an additional 364 days to be thankful.
Want to learn more about how EXIM helps U.S. companies of all sizes protect their foreign receivables and provides working capital to finance production for international sales? Check out the upcoming webinar on Thursday, November 10, 2016, at 2 p.m. eastern time and listen to Craig Carson discuss how exporting and EXIM Bank helped his veteran owned business thrive.