Exporter: AR Chem Tex Industries LLC — Edinburg, TEXAS
Destination: Mexico and Venezuela
Ex-Im Bank Product: Export Insurance and Working Capital Loan
Jobs Supported: 1
AR Chem Tex Industries LLC, of Edinburg, Texas, wanted to expand into new foreign markets but didn’t have the ability to finance its product. The company’s president, Art Lopez, attended a Global Access forum in Weslaco, Texas, where he learned about Ex-Im Bank’s financing products for small business. After being approved for both an Ex-Im Bank working capital lender loan guarantee to cover a $500,000 loan from Frost National Bank’s loan and a $500,000 small business multi-buyer insurance policy, the company increased sales to Mexico and Venezuela and also expanded into Argentina and Colombia.
AR Chem Tex exports chemical treatment products and equipment such as soap sticks for gas wells. Additionally, the company hired one new employee and plans to hire more as foreign sales increase.
“ One of the reasons we hadn’t expanded into new markets is because of limited capital and difficulty financing our products. Now that we have financing from Ex-Im Bank, we are selling in new markets in Latin America. ”--- Art Lopez, President