Posted at 5:14 AM
B & B Manufacturing, of Bayamon, Puerto Rico, manufactures wiring and electronic equipment for motor vehicles. B&B Manufacturing has maintained its leadership in a changing industry through supplying its clients with an extensive O.E.M. type product line, which provides reliability and improved performance to its end user. Established in 1985, this family-owned small business relies on exports for 68 percent of its sales. It has customers in Latin and Central America as well as the Caribbean.
For more than 15 years, the company has been using a small business multi-buyer insurance policy to extend credit to its international buyers. The policy has covered nearly 16 buyers. Through the support of the Export-Import Bank of the United States (EXIM Bank), B & B manufacturing has successfully exported over 4.6 million dollars in goods to their customers abroad within the past three to four years alone. The company was also able to create five new jobs as a result.
“EXIM Bank helped us enter new markets. The insurance offers stability to be aggressive in offering credit,” said B & B Manufacturing Executive Vice President Marta Burguera.
ABOUT EX-IM BANK:
EXIM is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost ninety percent of its transactions directly serve American small businesses.
In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These authorizations supported an estimated $17 billion in U.S. export sales, as well as approximately 109,000 American jobs in communities across the country.