Exporter: Safety Speed Cut Manufacturing – Ham Lake, Minnesota
Destination: Mexico, United Arab Emirates, France and United Kingdom
Ex-Im Bank Solution: Multi-Buyer Export Credit Insurance
Jobs Created: Expected in Quarter 3, 2011
Since 2005, Safety Speed Cut Manufacturing (Safety Speed), a 22-employee maker of power saws in Ham Lake, Minnesota, has had an Ex-Im Bank small business multi-buyer policy. During that time, the company’s export sales have increased 20 percent, and Safety Speed expects to add more jobs by the third quarter of this year. This is promising news as the company had to lay off three employees in 2009 due to the economic downturn.
The insurance policy has allowed Safety Speed to sell more to foreign buyer as they no longer have to pay cash-in-advance. Exports now represent 25 percent of Safety Speed’s total sales compared to the usual 8 or 9 percent share in previous years. The company’s main markets include France, UK, UAE and Mexico, and is expecting to expand into India and Brazil.
“We continue to look at exports as a great growth opportunity, in part thanks to Ex-Im Bank support,” said Brian Donahue, President. “Ex-Im Bank has helped us maintain jobs. We feel more protected with existing international distributors as well as new ones.”