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Ex-Im Bank and SBA Financing Expands Seafood Exports
Wed, 2012-04-11 14:00

Exporter: Dan's Fish, Inc. – Sturgeon Bay, Wisconsin
Destinations: China, Russia, Sweden, Estonia, Finland
Transaction: Small Business Multi-buyer Insurance Policy and SBA Working Capital Loan
Export Sales Supported: $9.8 million since 2005

In 1994, Dan Schwartz received a grant from the state of Wisconsin to study and implement the export of Great Lakes caviar to Europe. As a fifth generation fish distributor, Dan used his experience to found Dan’s Fish. In 2004, with growing sales, the business used a $500,000 SBA Export Working Capital loan to fund its working capital needs.

In 2005, the company obtained an Ex-Im Bank insurance policy in 2005 and has used it to support $9.8 million in exports to China, Russia, Sweden, Estonia, and Finland. Of interest, through a joint program between the SBA and Ex-Im Bank, this exporter benefits from a 25% reduction in its insurance premium rates. Dan's Fish, with 15 employees, has grown to be Wisconsin's largest exporter of Great Lakes fish and caviar.

"Ex-Im Bank’s insurance has provided our company with a financial tool to grow our business internationally," said Gretel Sannikas, International Sales Manager.