Export-Import Bank Small Business Success: Dan's Fish Inc.
Washington, D.C. - Dan's Fish Inc. is a small business based in Sturgeon Bay, Wis., that is selling Great lakes fish and caviar directly to wholesale and retail outlets in Estonia, Finland, and Sweden as a direct result of the support provided by the Export-Import Bank of the U.S. (Ex-Im Bank).
Since utilizing Ex-Im Bank's export credit insurance, which enables companies to increase export sales by limiting their risk of non-payment, the company's sales have reached $4 million, approximately 50 percent of which is export-related. As a result, Dan's Fish has not only expanded its reach to global markets looking to purchase goods and services from the U.S., but has also been able to increase seasonal hiring as a result of the additional revenue.
Ex-Im Bank offers a wide-range of financial products that address the specific needs of Wisconsin small businesses like Dan's Fish, said Ex-Im Bank Chairman and President Fred P. Hochberg. In FY 2013 alone, Ex-Im Bank supported $216 million in Wisconsin small-business exports, which accounts for 66 percent of the state's total exports.
fish and caviar abroad withEx-Im Bank's
support. (Photo courtesy of Dan's Fish).
Ex-Im Bank's short-term multi-buyer export credit insurance program has benefitted Dan's Fish, Inc. in several ways, said Gretel Sannikas, director of Dan's Fish. First, Dan's Fish has been able to sell to a more diversified selection of clientele due to the ability to provide extended credit terms. Also the program has helped to decrease the exposure to foreign political risks as well as risks associated with the non-payment by the foreign clients. Furthermore, the insured export accounts receivable program has helped Dan's Fish to obtain and maintain essential financing from the local bank along with the SBA for the production of the export products and financing of the required export inventory.
For more information about Ex-Im , call 1-800-565-EXIM or visit www.exim.gov.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2013, Ex-Im Bank generated more than $1 billion for U.S. taxpayers while approving more than $27 billion in total authorizations. These authorizations supported an estimated $37.4 billion in U.S. export sales, as well as approximately 205,000 American jobs in communities across the country.
Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales at http://go.usa.gov/ZVTd. For more information about Ex-Im, visit www.exim.gov.
###