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Saturday, February 14, 2015

VALENTINE'S DAY EXPORTS

FROM:  U.S. IMPORT-EXPORT BANK
Made-in-New York (Valentine Edition): Small Business Love & Quiches Exports Delicious Desserts Around the Globe
Company Was Able to Add 25 Jobs Thanks to Export-Import Bank Support

Washington, D.C. – Thanks to financing extended by the Export-Import Bank of the U.S. (Ex-Im Bank) - and with apologies to ‘60s British Invasion band The Troggs - Love & Quiches is all around.

Started in Susan Axelrod's kitchen in 1973, Love & Quiches sells quiches and desserts to customers all around the world, particularly in the Middle East and Asia. The business outgrew the kitchen, a garage, a local storefront, and its first factory, and now operates out of a state-of-the-art manufacturing facility in Freeport, N.Y. With private export financing options unavailable, in 2005 Love & Quiches found its perfect match with Ex-Im Bank—and they’ve been together ever since.

“Ex-Im Bank stands ready to support even more New York small businesses like Love & Quiches as they add jobs at home by increasing sales overseas,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “In FY 2014 alone, Ex-Im Bank supported $574.4 million in New York small business exports, which accounts for 45 percent of Ex-Im supported exports from the state.”      

Like many small businesses, Love & Quiches relies upon lines of credit and other forms of working capital to finance and grow its business. Ex-Im Bank's small business Export Credit Insurance, backed by the U.S. government, provided the reassurance needed for Wells Fargo Bank to embrace Love & Quiches, advancing funds against the company's foreign receivables and improving its cash flow.

“None of our export business would have been possible without our longstanding partnership with Ex-Im Bank, and we are honored to have received the Ex-Im Bank Small Business Exporter of the Year 2014 Award,” said Susan Axelrod, chairwoman and founder.

Love & Quiches’ export volume increases year after year as the company continues to expand globally. Exports are approaching almost 25 percent of the company’s total volume, and as a result Love & Quiches has added approximately 25 production jobs to their employee roll. The company is flirting with even greater expansion, targeting a 10 percent increase in export sales for FY 2015.