Founded in 2007 in Miami, Florida, RAMCO Automotive has become a leading independent supplier of electrical and electronic auto parts, with an increasing focus on original equipment and service markets. CEO Milagros Mendez, originally a lawyer from Venezuela, moved to the U.S. to pursue a law degree. When a friend needed help with unreliable auto parts suppliers, Milagros entered the industry and launched RAMCO, achieving rapid growth. However, the company faced near collapse when Venezuelan buyers defaulted on payments. Diversifying into other Latin American markets proved to be a viable option for reviving sales.
Challenge
As RAMCO expanded, clients were requesting credit. With 100% of sales being export related and having already experienced buyer non-payment, RAMCO had legitimate concerns.
Solution
Seeking protection against non-payment, RAMCO, a woman-owned small business, learned about EXIM’s multi-buyer export credit insurance through the Florida Export Finance Corporation (FEFC). This solution provided exactly what RAMCO needed to safely grow to new markets worldwide.
After Working With EXIM…
If you are interested in learning more about how the Export-Import Bank of the U.S. can support your exporting goals, click here for a free consultation with one of our export finance specialists.
