Exporter: Cytozyme Laboratories Inc., Salt Lake City, Utah
Destination: Thailand, India, China, Chile and Brazil
Ex-Im Bank Product: $2 Million Working Capital Loan
Jobs Created: 10
Cytozyme Laboratories is a family-owned small business that produces nitrogenous fertilizer. It was founded in 1975 on the principles of improving people's lives worldwide through better and more environmentally conscious agricultural production. With 30 years in the agricultural business, Cytozyme products are being exported to governments, universities, research groups, foundations, and farmers in over 24 countries.
The company's primary markets are Thailand, India, China, Chile and Brazil with 80% of their sales being export-related. Cytozyme is now able to expand their exports to more countries by utilizing a $2 million Bank of America loan backed by the Ex-Im Bank Working Capital Lender Loan Guarantee. The loan, approved in September 2011, is expected to support $11 million in exports. As a result, the company is planning to expand their workforce by 10 new jobs.
"Ex-Im Bank Working Capital Product gave Cytozyme the insurance to compete and expand into emerging markets where the demand is greater," said Eric Baughman, CEO of Cytozyme.
Business.USA.gov is an official website of the U.S. Government.