EXIM's Working Capital Loan Guarantee Enabled Florida Small Business to Export $150 Million in Past Six Years
PRESS RELEASE
Media Contact: Office of Communications (202-565-3203)
For Immediate Release: September 11, 2020
WASHINGTON - Greenfield World Trade, a small business in Ft. Lauderdale, Florida, that provides foodservice equipment and supplies, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which uses a working capital loan guarantee, will be honored during EXIM's 2020 Annual Conference, the largest conference in the agency's history, which is being held virtually September 9-11.
For more than 20 years, Greenfield World Trade has been a wholesale provider of kitchen appliances and implements for the foodservice industry worldwide, reaching both commercial and consumer markets. The company represents more than 30 world-class manufacturers of high-quality restaurant equipment. With 450 employees, exports sustain 20 percent of Greenfield's jobs.
"I am honored to recognize Greenfield World Trade on behalf of EXIM for its outstanding contributions to fulfilling our agency's mission of supporting American jobs by facilitating U.S. exports," said EXIM President and Chairman Kimberly A. Reed. "The winners of EXIM's Exporter of the Year award come from every region of our country and many different industries, but all represent American ingenuity and success. Approximately 90 percent of EXIM's authorizations directly support small businesses like the exporters being awarded today, and at EXIM we are proud to help in the success of these small businesses as they compete in the global marketplace and support American jobs."
Greenfield currently benefits from EXIM's guarantee of a $6 million line of credit from the company's lender, PNC Bank, N.A., a member of the PNC Financial Services Group, Inc., headquartered in Pittsburgh, Pennsylvania. The working capital loan guarantee has allowed Greenfield's export-related inventory and foreign receivables to be used as collateral. That makes it possible for the small business to expand its borrowing base and borrow more with the same collateral, which has allowed the company to compete more effectively and aggressively pursue international markets. Since 2014, EXIM has supported approximately $150 million of the company's exports.
"Without EXIM, American exports of products and services by small and medium-sized companies would cease to exist, resulting in the loss of tens of thousands of good paying jobs," said Neal Asbury, President of Greenfield World Trade. "Our foreign competitors fully understand the value of strong exports to their economies. It is time that we do the same. EXIM is an invaluable asset in ensuring America competes globally."
Since 2014, EXIM has supported exports valued at $5 billion from 539 companies - including 452 small businesses like Greenfield World Trade - across Florida.
U.S. companies, particularly small businesses, can utilize EXIM's financing tools and resources to increase their international sales, showcase their "Made in the USA" products, and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency's existing programs.
ABOUT EXIM:
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.