Exporter: Commodore Technology, LLC – Bloomfield, New York
Working Capital Loan $500,000
Jobs Created: 3
Process Engineer George Braddon found a niche while working at Mobil Chemical in the 1970. He realized there was a market for foam products that the large companies were ignoring. Commodore Technology is now a world leader in making polystyrene manufacturing equipment that produces items such as meat trays, food containers, and plates.
In 2009, Commodore needed credit during a critical timed during the recession to handle some big orders from new countries. To fulfill these equipment orders, Commodore obtained a $500,000 loan from M & T Bank that was backed by Ex-Im Bank. Ex-Im Bank's working capital loan guarantee provides lenders the security to loan money for international transactions that tend to be riskier than domestic transactions. With this revolving loan, Commodore increased its exports 15% by supporting nearly $6 million in sales. This export sales increase added three jobs to the company's workforce which is now 32.
"Ex-Im Bank's guarantee helped us hurdle the difficult part of the recession and enter new countries," said Lee Statt, Controller.