Finance and Insurance
Advanced Protection Technologies manufacturers surge protection product for homes and businesses. By the end of 2011 this Clearwater, Florida, business grew 60%. This growth is reflects leveraging Ex-Im Bank's Small Business Export Credit Insurance policy from a $100,000 limit to a $500,000 limit.
Exporter: Advanced Protection Technologies, Clearwater, Florida
Destination: Asia, South America, Latin America, Mexico and Central America
Ex-Im Bank Product: $500,000 Jobs Created: 10
Advanced Protection Technologies, Inc., founded in 1985, designs and manufacturers surge protection product for homes and businesses. Since then the company has grown from a regional operation to a global manufacturer. In 2003, Andy Malcom was running a three-person company with a few sales to Mexico and Central America. By the end of 2011 his Clearwater, Florida, business has grown 60%. This growth is reflected in by leveraging Ex-Im Bank's Small Business Export Credit Insurance policy from a $100,000 limit to a $500,000 limit. Advanced Protection has even opened an office in Singapore due to this export success. As a result, the company has added seven jobs and plans to add three more.
Export sales have grown to 10% of total sales and shall be the major focus in the upcoming years. New products are planned to be launched and sales are expected to blossom in Asia, South America and the Middle East.
"If we can't offer credit terms, many buyers will not buy for you, said Andy Malcom, President. The export insurance also gives our company a 'piece of mind.' We would not be nearly as successful today with it."