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Louisiana Company Uses Bank's Credit Insurance as a Sales Tool to Grow Internationally

Thu, 2012-04-05 14:45

Exporter: It Straps On – Covington, Louisiana
Destination: Worldwide, especially Colombia, Chile and Mexico
Ex-Im Bank Product: Small Business Export Credit Insurance
Jobs Created: 3

It Straps On manufactures and distributes stainless steel banding, buckles, wing seals, strapping tools, and sign brackets. They are used extensively to mount signs, traffic control and electrical devices.

This company fueled its growth by expanding internationally, with support from Ex-Im Bank and the Department of Commerce (U.S. Commercial Service). Since 2004, it has increased sales using the Bank's small business multi-buyer export credit insurance. Their $300,000 policy supported $676,000 of exports in 2010. Meanwhile, the U.S. Commercial Service helped It Straps On locate distributors around the world.

One-third of the company's sales are now exports compared to just 4% in 2001. Its work force has grown from 2 to 14 employees

"The insurance serves as a tool to promote sales. We offer terms – they can take it or not," said Stephen Smith, Founder.