Exporter: Xamax Industries Inc. — Seymour, CONNECTICUT
Destination: India, China
Ex-Im Bank Product: Export Credit Insurance
Jobs Supported: 73
Xamax Industries is a manufacturer of raw materials including rolled goods such as paper, plastic, and nonwoven fabrics. The materials are sold to manufacturers abroad where the final product is assembled. It was 200th small business to be approved for an Ex-Im Bank Express Insurance policy. This purchase resulted from a Global Access for Small Business forum in New Haven, Connecticut, at which Martin Weinberg, the company’s president, learned about Ex-Im Bank’s insurance product line.
Mr. Weinberg was convinced that with this new Bank product, his company could extend open account terms to international buyers without elevating its risk of nonpayment. Accordingly, Xamax has been able to expand its foreign sales and workforce with this reliable tool. Express insurance streamlines the process of acquiring short-term insurance and enables small businesses to transfer foreign buyer credit decision making to Ex-Im Bank at an economical cost. The online application provides a policy quote and two foreign buyer credit decisions up to $300,000 within five workdays. Besides nonpayment protection, export insurance allows Xamax to provide credit terms up to 180 days for their buyers to pay and hence improve their cash flow.
“ We can extend better terms to our customers. For example, we now have a positive balance in China – in other words, we sell more in China than we purchase, which is basically unheard of. ”
- Martin Weinberg, President
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