Pennsylvania Company Decorating Walls Around the World
Exporter: Wallquest — Wayne, PENNSYLVANIA
Destination: 90 Foreign Buyers
Ex-Im Bank Product: Working Capital Lender Loan Guarantee
Jobs Supported: 70
Wallquest, a designer, manufacturer and distributor of consumer and commercial decorative wallcoverings, has been exporting to distributors for 30 years. Its key markets include China, Russia, Turkey, Taiwan and United Arab Emirates.
The company became a working capital loan guarantee customer in 2008, with a $3 million loan from PNC Bank, guaranteed by Ex-Im Bank. Exports started to soar and the company’s loan authorization was increased to $4,750,000 in August, 2010. Wallquest finished 2010 with export sales over $17 million, a 61 percent increase since obtaining their first loan. During this two-year period, its work force has grown from 80 to 150.
Ex-Im Bank and PNC have been very useful in expanding this business. It has been a seamless process for us because of the relationship between Ex-Im Bank and PNC. And it has facilitated our growth. Last year we experienced 45 percent growth, most of it from exports.
- Frank Darreff, Controller