Ex-Im Bank insurance helps Kentucky company creates jobs and increase exports
WASHINGTON, April 4, 2013 /PRNewswire-USNewswire/ -- Auburn Leather Company, a Kentucky-based small business that manufacturers leather laces for footwear and sporting equipment, received the Small Business Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award was presented at the Bank's 38th Annual Conference in Washington, D.C.
"Auburn Leather is a true American success story," said Ex-Im Bank Chairman and President Fred P. Hochberg. "This family-owned small business has increased sales and created jobs by selling their products to customers around the world. I am pleased that the Bank's insurance policy has enabled this company to expand to new markets, hire new workers, and ensure that more stores will have "Made in Kentucky" products in their stores."
"The demand for our product is driven by manufacturers and consumers that recognize the value of a 'Genuine, American Made Rawhide Lace'," said Auburn Leather Company President Lisa Howlett. "Ex-Im Bank enabled us to meet that demand. I am proud for our company to receive this award and look forward to additional growth in the coming years."
Recently, Auburn Leather has experienced an increase in foreign demand for their laces, leading to an upswing in sales. This sales increase is in part due to the small-business insurance policy the company received from Ex-Im Bank. These funds have supported the growth of the firm, which has added over 20 jobs in the last two years, and exports now account for more than 45% of the company's sales. World Trade Consult is the broker.
Since its first year when it had 12 employees and $900,000 in sales, the company has grown to over 120 employees and more than $20 million in sales, $15.6 of which was shipped to 48 different countries.
Ex-Im Bank's 2013 Annual Conference will feature prominent members of the business and government community including Vice President Joe Biden, Transportation Secretary Ray LaHood, former Treasury Secretary Larry Summers, former National Security Advisor General James Jones, Xerox Corporation CEO Ursula Burns, and Citibank Chairman Michael O'Neill. A full listing of speakers, panelists, and moderators is available on Ex-Im's website: www.exim.gov
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States