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Florida Landscaping Company Finds New Export Opportunities Abroad with Ex-Im Bank's Insurance
Agriculture, Forestry, Fishing and Hunting
Groundworks of Palm Beach County is a Florida nursery stock wholesaler.In early 2010, the company turned to Ex-Im Bank, Groundworks receiving a $500,000 export credit insurance policy.
Exporter: Groundworks of Palm Beach County – Boynton Beach, Florida Destination: Caribbean, Bahamas, Africa, Middle East Jobs Supported: 40 Groundworks of Palm Beach County, founded in 1986, is a Florida nursery stock wholesaler. It has developed a new root system treatment process called Ecotreat - a method of root mass preparation that yields soil-free root system encasements. Due to a deep recession in the landscape industry, Groundworks focused on increasing export sales. In early 2010, Groundworks turned to Ex-Im Bank receiving a $500,000 export credit insurance policy. The deal was brokered by Global Business Solutions, Inc., of Winston Salem, North Carolina. With the Bank policy in hand, the company had the resources needed to grow its export business and was able to preserve many jobs. Groundworks currently exports to the Bahamas and Caribbean and also has pending sales in Africa and the Middle East totaling more than $900,000. Because of the nonpayment security provided by Ex-Im Bank’s policy, the company has grown its export business from less than $150,000 in 2009 to over $1 million in sales during 2011 and the revenue growth story continues today. “The Ex-Im Bank policy facilitates more convenient relationships with our clients and eases the path from inquiry to sale,” said President George Nottingham. “Our growing export business is predicated on our Ex-Im Bank policy. It has preserved jobs here and will soon be the reason we need to add new employees. Offering loan credit terms backed by our policy has redefined us and given us the confidence we needed to seek out new markets and sell our products internationally.”