Exporter: FHC, Inc. – Bowdoin, Maine
Destination: Argentina, Chile, South Africa and Italy
Ex-Im Bank Product: Express Insurance
A small-business exporter in Maine, FHC, Inc., is the first company to increase foreign sales and expand into new country markets with the help of the innovative "Express Insurance" product from Ex-Im Bank.
Express Insurance has been developed for qualified small businesses; it features a streamlined application and both a policy quotation and two foreign-buyer credit indications up to $300,000 within five business days. Ex-Im Bank's insurance policy substantially covers the nonpayment risk and gives exporters the ability to offer financing for short-term international sales.
FHC Inc., a small-business based in Bowdoin, Maine, researches, develops and manufactures microelectrodes for medical recording. The company has approximately 85 employees, mainly in Bowdoin and in Greenville, Pa. This first-time Ex-Im Bank user is now insuring its exports to buyers in Argentina, Chile, South Africa and Italy.
Insurance broker, Trade Acceptance Group (TAG) of Edina, Minn., introduced FHC to Ex-Im Bank after the broker received a U.S. supplier referral request from an Argentine customer.
"Initially, I thought that the main advantage was the ability to offer 60-to-90-day terms without the fear that we could be losing a $100,000 piece of equipment. But since we started with Ex-Im's Express Insurance, our export business has exploded with sales opening up in countries and a continent where we had never done business before. The opportunities are limitless for us," said Scott Humphrey, FHC chief financial officer. "We anticipate adding jobs when we exceed our present capacity to handle the new demand."