Exporter: Piedmont Paper Company – Marietta, Georgia
Ex-Im Bank Product: Small Business Credit Insurance
Jobs Supported: 1
Piedmont Paper Company, a Marietta, Georgia company, manufactures bleached and natural paper products for food packing. The company was established in 1978 and still functions as a one-man operation out of Georgia. About 95% of the Piedmont's sales are export-related with approximately $1.5 million in total sales.
In 2008, Piedmont obtained a small business export credit insurance policy for $750,000 to increase foreign sales to its primary market - Mexico. The owner believed the market in Mexico was slowly growing again and needed working capital. The insurance increased Piedmont's borrowing base by allowing the company to assign its receivables to a lender. The lender did not mind increasing Piedmont's cash flow as the funds were backed by the full faith and credit of the U.S. government.
When asked to participate on a radio show in Atlanta, Georgia, to discuss this company's work with Ex-Im Bank, David Hudson, President and Owner of Piedmont Paper Company, was more than willing to participate. "When I was searching for financing to support the cost of receivables and inventory, I was happy when I learned of Ex-Im Bank's small business credit insurance," said Hudson.