Exporter: Gettys Group, Inc. – Chicago, Illinois
Destination: Philippines, South Korea, and China
Ex-Im Bank Product: Export Credit Insurance
Jobs Created: 5
Export Sales Supported: $1.9 million
Established in 1988, Gettys is an award-winning hospitality design and procurement firm headquartered in Chicago. Its customers include real estate owners, developers, investors, and management companies. Gettys provides services such as development consulting, hotel procurement and the architectural design of luxury hotels and resorts, condominiums, convention centers and casinos. The company currently employs 60 people.
Ex-Im Bank supported $1.9 million in exports for Gettys in 2010 and 2011 through several short-term and multi-buyer export credit insurance policies. The insurance allowed the company to assign its foreign receivables to J.P. Morgan Chase in order to improve cash flow. As a result, Gettys has created five new jobs and export sales account for 20% of its overall profits. Exports are primarily concentrated in Asia, specifically the Philippines, South Korea, and China.
"Ex-Im Bank's insurance of our foreign receivables allowed us to increase our borrowing base with our lender, which enabled us to fund operations and get through the worst of the recession. Before the recession, we had about 110 employees. Because of the economic crisis, we had to lay off 55 employees. Now we've added five employees so we're up to 60 thanks to our increased export sales, and looking to continue this growth," said Brad Gookins, Vice President of Finance.
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