As part
of its expansion into international markets, Lighting Components and
Design today announced it has arranged credit guarantees through the
Ex-Im Bank (Export-Import Bank of the United States) for virtually all
of its overseas sales activities.
Jon Cooper,
President of LC&D hailed this affiliation with Ex-Im Bank saying,
"EXIM is an example of a government program that really works!
Without it, we would be at a disadvantage vs. our international competitors.
With the help of Ex-Im Credit guarantees, we will be able to level the
playing field, offering our offshore customers credit terms comparable
to those offered to our domestic customers."
"By
the end of this year we expect to report a more than doubling of sales
over that of just three years ago. International
sales, aided by Ex-Im Bank Guarantees, will be an important component
of that growth."
As
part of its expansion into international markets, Lighting Components
and Design today announced it has arranged credit guarantees through
the Ex-Im Bank (Export-Import Bank of the United States) for virtually
all of its overseas sales activities.
James Harmon,
Chairman of Ex-IM Bank recently stated "Ex-IM Bank is vigorously
pursuing it mission of supporting U.S. Exports and sustaining American
jobs by offering U.S. Exporters the loans, guarantees and insurance…
they need to compete in the global marketplace. "
Jon Cooper,
President of LC&D hailed this affiliation with Ex-Im Bank saying,
"EXIM is an example of a government program that really works!
Without it, we would be at a disadvantage vs. our international competitors.
With the help of Ex-Im Credit guarantees, we will be able to level the
playing field, offering our offshore customers credit terms comparable
to those offered to our domestic customers."
"By
the end of 2001 year we expect to report a more than doubling of sales
over that of just three years ago. International sales, aided by Ex-Im
Bank Guarantees, will be an important component of that growth."
"We
have even higher growth expectations for the coming three years and
recently completed of a major expansion project which effectively increases
our manufacturing assembly floor space by over 75%, increases warehouse
capacity through automation, and more than doubles our total production
capacity vs. that of just twelve months ago."
"Without
credit guarantees, international sales to any but the largest multinational
corporations would have to be considered "higher credit risks"
and would be made on a "cash on delivery" basis, or on even
more restrictive terms, thus adversely affecting overseas sales revenues."
"With
these guarantees we can not only extend terms to potential overseas
buyers in Europe, Asia, Latin America, North America and elsewhere,
but we can convert Ex-Im credit guarantees into a positive marketing
advantage for LC&D as an American firm."
"Because
of generally lower cost of capital in the U.S. A. vs. many other countries,
particularly in the third world, we can actually save our customers
significant amounts of money since they won’t have to pay C.O.D.
or C.I.A. terms. To a company in a developing country, this might translate
to a considerable savings, particularly when they are paying 25% to
50% or more per annum to borrow U.S. dollars."
"In
International trade, as in business everywhere, a lower cost of funds
for our customers translates into a significant marketing advantage
for LC&D."
Background
Material on Ex-Im Bank (Export Import Bank of the United States)
The Export-Import
Bank of the United States (Ex-Im Bank) is an independent U.S. Government
agency that helps finance the overseas sales of U.S. goods and services.
In the 65 years since it was created, Ex-Im Bank has supported more
than $300 billion in U.S. exports.
What
is Ex-Im Bank's Mission?
- Ex-Im
Bank's mission is to create jobs through exports. It provides guarantees
of working capital loans for U.S. exporters, guarantees the repayment
of loans and makes loans to foreign purchasers of U.S. goods and
services.
- Ex-Im
Bank also provides credit insurance that protects U.S. exporters
against the risks of non-payment by foreign buyers for political
or commercial reasons. Ex-Im Bank does not compete with commercial
lenders, but assumes the risks they cannot accept. It must always
conclude that there is reasonable assurance of repayment on every
transaction financed.
How Does
Ex-Im Bank Help?
- Ex-Im
Bank provides a level playing field for U.S. exporters by countering
the export credit subsidies of other governments. It also provides
financing to creditworthy private and sovereign foreign buyers when
private financing is unavailable.
- For
Further information on Ex-IM Bank Contact the Ex-IM Business Development
Department: at (202) 565-3900, E-mail bdd@exim.gov
or visit their web site :www.exim.gov/
Press Room 
