Exporter: WaterFurnace International, Inc. – Fort Wayne, Indiana
Destinations: United Kingdom, South Korea, Australia
Transaction: Environmental Insurance Policy
Export Sales Supported: $6.4 million since 2004
Jobs Supported: 5+
WaterFurnace is a manufacturer of ground source geothermal heating and cooling systems for the residential and commercial markets. Before working with Ex-Im Bank, this 290-employee company was missing sales opportunities from international buyers that did not want to pay cash in advance. Ex-Im Bank’s credit insurance, which covers 95% of the risk, has allowed them to increase their sales by extending credit to more buyers and worrying less about getting paid. Since 2004, $6.4 million of the company’s export shipments have been insured to the United Kingdom and it has sales pending in South Korea and Australia.
"Ex-Im offers a unique alternative to accepting all risk on international sales transactions. For small to medium-size companies this can be critical to being able to increase export sales and qualify new customers," said Fred Andriano, CFO.