The mining industry serves as the foundation for manufacturing, as raw materials derived from mines are the keystone of supply chains in many industries. EXIM has supported many U.S. small businesses providing solutions to the mining industry in expanding their customer base and reaching international markets, including:
- GeoPhysical Technology (GTI): This Houston, TX-based manufacturer of geophysical technology creates seismic sensor products that illuminate and monitor the earth’s subsurface. Its products are engineered for many applications, including mining, oil and gas discovery and extraction, and volcanic activity detection. Recognizing opportunities for global expansion, the company leveraged EXIM’s Foreign Buyer Financing and Long-Term Guarantee programs to boost its exports. As a result of working with EXIM and other U.S. government resources to enter new international markets, the company is now projected to generate more revenue from international sales than domestic ones.
- Special Mine Services, Inc.: Based in West Frankfort, IL, this manufacturer of large-scale industrial electrical connectors used in mining, tunneling, and other industries has been in business for more than 40 years. While the company successfully sold throughout the United States and Canada for decades, the pandemic impacted domestic sales and underscored the need to diversify. Realizing it was time to explore new markets, the company faced an immediate challenge: how to minimize the risks of offering open-account terms to international distributors and navigate the complexities of entering unfamiliar markets. To address this, the company used EXIM’s Export Credit Insurance to offer competitive payment terms while protecting against nonpayment risks. This support, along with federal export programs, helped Special Mine Services develop and expand its customer base in Latin America.
- Dynamic Seal and Gasket (DSG): Headquartered in Sparks, NV, and with several international sales offices, DSG manufactures and distributes aftermarket diesel engine parts for the heavy-duty machinery market, including mining equipment such as excavators and bulldozers. About 95% of the company’s sales are international, and it’s been using EXIM’s Export Credit Insurance to offer increased credit limits to existing customers and distributors, and as a benefit to recruit new customers, for years.
Other U.S. small businesses in the mining industry that have been featured in the EXIM Export Finance Solutions blog include Jacksonville, FL-based SCHURCO, a heavy-duty slurry pump manufacturer, and Berlin, PA-based Center Rock, a rock drilling tools and accessories manufacturer.
In addition to the EXIM programs used by these small business exporters, more EXIM offerings include the Supply Chain Resiliency Initiative (SCRI), which finances international mining projects that have signed long-term “off-take” contracts for critical minerals and rare earth elements with U.S. businesses, and the Make More in America Initiative (MMIA), which finances the establishment or expansion of U.S. domestic manufacturing facilities – including those for mining equipment – that support U.S. exports. To learn more about how EXIM’s financing support can minimize risk and level the playing field for U.S. businesses, click here to schedule a free consultation with an EXIM trade finance specialist.