Exporter: Midwest Hardwoods - Osseo, Minnesota
Destination: China and worldwide
Ex-Im Bank Solution: Single-Buyer and Multi-Buyer Export Credit Insurance
Jobs Supported: 25
Ex-Im Bank assumes the credit and country risks that the private sector was unwilling or unable to accept. When Euler Hermes no longer would cover Midwest Hardwoods shipments to China, Trade Acceptance Group, a trade insurance broker, introduced them Ex-Im Bank’s single-buyer policy.
This integrated hardwood manufacturer produces more than 80 million board feet of hardwoods with 360-employees and three saw mills. Exports comprise 15 percent of sales but are expected to grow as Midwest Hardwoods switched their entire foreign export credit receivables to Ex-Im Bank’s multi-buyer policy in December, 2010. The policy covers about 25 shipments per month.
“Ex-Im Bank made it easier to do business in not-traditional markets such as the Far East, China and emerging markets,” stated Steve Kania, Corporate Credit Manager.
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