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Ex-Im Bank Insurance Supports Virginia Company's Rapid Growth
Thu, 2013-01-24 11:30

Exporter: Gatekeeper Security — Sterling, Virginia
Destination: Worldwide
Ex-Im Bank Product: $750,000 Letter of Credit Insurance
Jobs Created: 2
Jobs Supported: Up to 30 contractors

Gatekeeper is a world leader in automatic under vehicle inspection and remote access control technologies and is actively involved in combating global terrorism. Its products are designed to provide the first line of defense against foreign and domestic threats. Gatekeeper sells internationally through re-sellers to other industries such as air and sea ports, oil refineries, and hydro and nuclear power plants.

The company started in 2004 and sales were flat until 2010 when demand increased. Gatekeeper, with four employees at the time, needed a positive cash flow to pay its many contractors as products typically took sixty to ninety days to build. This problem was resolved with Ex-Im Bank’s letter of credit insurance for lenders. The policy provided coverage to lender BB&T, giving it the required security to loan funds to Gatekeeper.

With a better cash flow, Gatekeeper was able to handle more orders. The company entered new countries beyond its initial customers in Russia, Iraq, Kuwait and Saudi Arabia, adding Indonesia, UAE, Bahrain, India, Qatar, Pakistan, Ukraine and more to its portfolio. Gatekeeper doubled sales in 2011 and intends to do likewise in 2012. These sales have led to the creation of 2 jobs since 2009 and have supported up to 30 contractors and their respective staffs.

Orders from resellers used to be up to three per order and now they have risen up to 20 per order. Gatekeeper’s future looks bright as terrorism and insecurity continue to grow worldwide.

“The Bank was a critical key partner in order to get financing as lenders required Exim’s guarantee for Letters of Credit, ”--- Richard Barcus, President