Exporter: Sensis Corporation — Syracuse, New York
Ex-Im Bank Product: Working Capital Guarantee
Export Sales: $36 million
Jobs Supported: 300
Sensis is a leading provider of air traffic management (ATM) solutions and surveillance technologies serving the global civil aviation and defense industries. Its products offer air traffic surveillance and information as well as protection, safety and security to defense organizations with their radar subsystems.
The company, located in Syracuse with 700 employees, was in dire need of working capital as lenders were not willing to take much risk during the recession. Ex-Im Bank’s working capital guarantee gives lenders the protection and confidence they need in case their customer defaults on its loan. Thus, RBS Citizen’s Bank granted a $7.5 million working capital loan in 2007 as its risk was limited to just 10% of the loan. The vital cash flow enabled Sensis to increase its exports. In fact, three years later, RBS increased its revolving loan to $25 million to support about $36 million in exports. Hundreds of jobs were saved due to this loan.
Sensis is now known as “Saab Sensis” since being purchased in August, 2011. It is once again poised for growth and now represents Saab AB’s largest presence in North America. It also strengthens the product portfolio within radar, sensors, ATM, and defense systems development. This certainly would not have been possible if not for the role Ex-Im played since 2007.
“Ex-Im Bank’s support helped keep us afloat as the guarantee gave lenders the confidence to loan money to us,”- Sam Deeb, Controller
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