Exporter: Team Askin Technologies, Inc. – Fairfax, Virginia
Destination: Saudi Arabia
Ex-Im Bank Product: Working Capital Lender Loan Guarantee and Single-Buyer Export Credit Insurance
Jobs Created: 25
Team Askin Technologies, Inc. (TATI) is a 45-employee minority woman-owned company that provides software and consulting services, including regulatory information management systems and aviation regulatory expertise.
In late 2009, TATI was awarded a large multi-million dollar contract by the Kingdom of Saudi Arabia General Authority of Civil Aviation located in Jeddah. The contract services included developing and implementing aviation regulations, policy and guidance materials, inspector training, Safety Management System programs, and authorization document system.
TATI recognized in May 2010 it needed working capital for this major project so it obtained a $2.8 million from PNC Bank backed by an Ex-Im Bank working capital loan guarantee. The funds were used to post the bond requirement for the project and provide more resources to complete it.
The company then worked with Global Insurance Services to obtain Ex-Im Bank's single-buyer credit insurance policy of $5 million to mitigate the risk of nonpayment from their customer. TATI expects this buyer alone may increase their exports tenfold in 2011.
"The working capital allowed us to post the 10% bond required by our contract. Most small businesses do not have that amount of disposable working capital," said Debbie Askin, President and CEO.