| Demetech Industries in Named Ex-Im Bank's Small Business Exporter of the Year |
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12/03/2010 17:46 (702 Day 05:42 minutes ago) | |||||
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The FINANCIAL -- DemeTech Corporation, an exporter of surgical sutures and blades headquartered in Miami, Fla., is to receive the 2010 Small Business Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's 2010 Annual Conference in Washington, D.C., on March 11.
Using an Ex-Im Bank multibuyer export credit insurance policy, DemeTech has expanded into a large number of global markets that want cutting-edge U.S. technology but could not buy it without the Ex-Im Bank support.
"DemeTech tapped the resources of both the private sector and three U.S. government agencies to expand its export of top-quality medical equipment to some 80 countries from Latin America to the Middle East to Asia," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We hope this proactive company's example will inspire many more U.S. small businesses to use government resources to expand globally while supporting U.S. jobs at home."
"Ex-Im Bank insurance enabled us to offer better terms to customers," said DemeTech President and CEO Luis M. Arguello. "We were able to convert small buyers into big buyers, and to begin selling in about 15 additional countries. In just two years, we've increased our work force from 15 to more than 40 employees, and we expect to grow to 100 employees over the next two years."
Arguello attended a course on exporting offered by the Commerce Department's U.S. Commercial Service in Florida about two years ago. Both Ex-Im Bank and the Small Business Administration (SBA) participated in the event, as did commercial lenders, insurance brokers and other private sector entities. As a result of the meeting, Arguello became a user of Ex-Im Bank multibuyer insurance and SBA Export Working Capital Program financing. Insurance broker Risk Protection International introduced Arguello to Ex-Im Bank. Arguello receives his SBA working capital financing through First American Bank.
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