Exporter: Howe Corporation – Chicago, Illinois
Destination: Latin America
Ex-Im Bank Product: Export Credit Insurance
Jobs Created: 2
Howe Corporation, a Chicago-based company, was started in 1912 by William Henry Howe. Howe recognized the need for improvement in the refrigeration industry while working as a mechanic at a small dairy and ice cream plant. Soon Howe and his three sons were designing, producing and servicing state-of-the-art refrigeration equipment on their own.
Today, this 4th generation, woman-owned business of less than 50 employees manufactures commercial and industrial refrigeration equipment. The company has recently added two employees with support from Ex-Im Bank financing. In August 2011, Howe was reauthorized for a $500,000 short-term multi-buyer export credit insurance policy. The company learned of Ex-Im Bank through their broker, Trade Acceptance Group of Edina, MN. Howe, like other small businesses with revolving lines of credit, ran into the obstacle of trying to finance their export receivables through their commercial bank. Utilizing Ex-Im Bank's policy was the most cost-efficient and easiest way to solve the problem. As a result, the company has obtained new customers in Latin America.
"The interesting thing is, and we have been exporting a long time, when domestic sales drop-off, often the export sales pick-up and it fills the gap," said Mary Howe, the company's president. "With the economy the way it is, Ex-Im's support helps our sales remain steady."