Exporter: American Aluminum International – Buckner, Missouri
Ex-Im Bank Product: Working Capital Lender Loan Guarantee
Jobs Created: 2
American Aluminum International is a small Missouri company that wholesales aluminum sheet, coil, bar and other metals that are used to make large trailers, gas tanks, electrical transformers, etc. It relies solely on exporting – and only to Mexico. Its customers typically take a long time to pay causing a cash flow problem.
Unlike many companies, 2010 was a banner year for American Aluminum International as its sales reached $15 million (+70 percent over 2009). To offset their high accounts receivables due to slow payments and pay vendors, critical funds were provided by its $1.5 million credit line with Bank of America. Ex-Im Bank supported the loan with its working capital loan guarantee. Sales are expected to expand 30% in 2011 so the company is trying to increase their credit line to $2.5 million. It now has six employees and attributes two of them to Ex-Im Bank's support.
"The funds were used to stock inventory and pay our vendors despite our customers often taking 90 to 120 days to pay," said Mike Brown, Owner.