Exporter: Land & Sea, Inc. – Concord, New Hampshire
Destinations: Taiwan, Malaysia, U.K.
Working Capital Lender Loan Guarantee
Jobs Supported: Maintenance and expecting 2-5 new jobs
Land & Sea has had a working capital loan from Citizen’s Bank of Boston, backed by Ex-Im Bank’s guarantee, since 2008. The company manufactures “dynamite dynamometers” -engine testing equipment to test the horsepower of cars, bikes, airplanes, army tanks, etc.
Before getting the loan, Land & Sea exports were only 17% of its sales. Now exports account for half of all sales as the company ships to Taiwan, Malaysia and the U.K. Due to the economic crisis, the work force decreased from 47 employees down to 27. “Now we’re back up to 32 employees, and we’re going to add more,” said Virginia Bergeron, the company’s Controller, and wife of the founder and president who started the company in 1976.
"With Ex-Im Bank support, we're able to use our work-in-process inventory designated for foreign sales as collateral, and this gives us more working capital. This is what helps us grow exports," said Bergeron.
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