Exporter: Metropolitan Air Technology – Chicago, Illinois
Destination: Mexico, Middle East and Canada
Ex-Im Bank Product: Multi-Buyer Export Credit Insurance Policy of $800,000
Jobs Supported: 10% of workforce
Export Sales Supported: 15% of overall sales
Metropolitan Air Technology (MAT) of Chicago is a manufacturer of remotely operated electrical instruments that fine tune air distribution in buildings. The company also manufactures fire and smoke and volume control dampers. These devices are intended for energy efficiency and conservation. The final assembly takes place in its Chicago facility.
The company was referred to Ex-Im Bank's products from the U.S. Department of Commerce when MAT sought to expand its foreign sales. With the Bank's multi-buyer insurance policy, obtained in August, 2011, the company entered new markets with confidence as they were able to extend favorable credit terms to its buyers and also not be overly concerned about buyer nonpayment. Furthermore, MAT is now able to access more attractive financing with the exporter's lender by using its insured foreign receivables as additional collateral.
Ten percent of Metropolitan Air Technology's work force is supported by equipment exports to Doha International Airport and other international customers. The policy was reauthorized by Ex-Im Bank in April, 2011. In addition to creating jobs, the company is able to expand into new foreign markets in the Middle East. Due to this expansion, the company expects to hire additional employees in the coming months.
"Our product is in a lot of interesting places, like the Doha International Airport, and we would not have felt comfortable doing work in a new market like the Middle East had it not been for Ex-Im," said Jack Hollender, the company's managing director. "Having Ex-Im Bank financing makes my bank feel comfortable to finance my receivables, and we're pleased to be adding additional employees in the near future."
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