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.
A PUBLICATION OF RANDOM U.S.GOVERNMENT PRESS RELEASES AND ARTICLES
Showing posts with label SMALL BUSINESS EXPORTS. Show all posts
Showing posts with label SMALL BUSINESS EXPORTS. Show all posts
Saturday, February 14, 2015
Wednesday, October 24, 2012
SBA-BACKED LOANS REACHED $923 MILLION IN FY2012
Photo: Cargo Ship. Credit: Wikimedia. |
– SBA-backed loans to exporters continued to grow in FY2012, reaching more than $923 million, which supported $1.7 billion in small business exports.
"Giving small businesses the tools they need to export their goods and services and create jobs is an important part of our core mission," said SBA Administrator Karen Mills. "Exporting is creating opportunities for small businesses to create good-paying jobs and provide economic benefits to local communities nationwide."
SBA has recently revamped its International Trade Loan which has seen an upsurge of 106 percent in loans guaranteed and 207 percent in dollar volume. The loan allows small manufacturers to expand their facilities or buy equipment to manufacture products sold internationally, either directly or indirectly through an Export Trading Company or an Export Management Company.
SBA is promoting this "indirect export" model of using an export intermediary, along with other export-related services, training and counseling, through a series of export conferences and matchmaking events hosted by the SBA that began in 2010. As part of that series, the SBA, the Federal Reserve Bank of St. Louis, and the National Small Business Association today jointly sponsored an Export Matchmaker Trade Fair – Missouri Edition. More than 150 business representatives from 16 states and four countries registered to participate, with half of the attendees from the St. Louis metropolitan area.
The event today featured workshops on international trade topics that will help small business owners learn how to export, expand their operations and create jobs. A matchmaking trade show helped small business manufacturers match up with Export Management Companies and Export Trading Companies specializing in exporting U.S. goods and services.
Since 2009, SBA has guaranteed 6,100 loans to small business exporters for over $3.1 billion and supported more than $6 billion in exports.
Internet Address:
http://www.sba.gov/news
Subscribe to:
Posts (Atom)