There are a lot of great things about working at EXIM, and one of them is learning about our customers and the industries they serve. Today’s lesson is about heavy duty centrifugal slurry pumps used in industries including hard rock mining, mineral processing and power generation. But the real message is how SCHURCO, a woman-owned small business in Jacksonville, Florida pumps up their revenue through exporting.
From North America to South America, Scandinavia to Asia and points in between, this 40-person company has become a powerhouse in the industrial pump market worldwide, and EXIM was there to help. SCHURCO had the same experience many companies do when expanding into international markets – customers want open account payment terms, the ability to receive products now and take 30 to 60 days to pay for them. With an export credit insurance policy from EXIM, SCHURCO was empowered to more easily offer credit terms to foreign buyers and distributors, and the company became more competitive in the marketplace.
“Working with EXIM we have gotten new several projects because we do not bat an eye at being able to extend credit to foreign buyers,” says William Pierce, SCHURCO Vice President of Engineering.
Many small business executives don’t think about exporting when planning their company’s growth strategy. But why would you leave a good deal on the table? Some think the U.S. market is big enough, some are not sure about how to get started, and some worry about not getting paid. Well, if you think the U.S. market is big enough, think back to 2008. If you’re not sure how to get started, call your local EXIM representative, that’s what we do for a living. And if you’re worried about not getting paid, your EXIM representative will guide you through the process for export credit insurance, an insurance policy that will cover up to 90 or 95 percent of the gross value of your foreign receivables.
Companies like SCHURCO are proof of the value of exporting for small businesses. Don’t dismiss this strategy to grow your business. Instead, reach out to your local EXIM representative for a free consultation today.