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Indiana Company Uses a Variety of Ex-Im Bank Products to Grow its Exports
ABRO Industries is a wholesaler of quality automotive, industrial and consumer products to customers across the globe with all of its sales coming from exports. Three Ex-Im Bank products have supported this company’s rapid growth, Ex-Im's single buyer insurance, multi-buyer policy, and, working capital loan guarantee.
Exporter: ABRO Industries, Inc. – South Bend, Indiana Destination: Worldwide Ex-Im Bank Solution: Single-Buyer Export Credit Insurance, Multi-Buyer Export Credit Insurance and Working Capital Lender Loan Guarantee Jobs Supported: 30+ TIts products include chemicals, lubricants, appearance chemicals, repair products, and paints and industrial supply products such as fire extinguishers, fire equipment, masking tapes, and pressure sensitive tapes. The products are manufactured in the U.S. with the ABRO label and sold in165 countries through authorized distributors. The company began using Ex-Im Bank’s single buyer insurance in 2001 to insure its foreign receivables from a large private-sector buyer in Nigeria. Working through its broker, Trade Acceptance Group Ltd. of Edina, Minn., the company graduated to the Banks multi-buyer policy in 2003. The policy enabled ABRO’s to more than double its sales to sub-Saharan Africa from under $10 million in 2002 to $24 million in 2007. In 2009, ABRO was approved for an Ex-Im Bank working capital loan guarantee through lender JPMorgan Chase that allowed the company to borrow against its inventory and receivables. The Bank’s insurance and working capital products supported nearly $70 million in exports in FY 2010 and 30 supported jobs at ABRO as well as an estimated 1,500 jobs at suppliers nationwide. “Clearly we would not be being doing what we’re doing today without Ex-Im Bank,” said Peter F. Baranay, President.