Florida Small-Business Manufacturer Motortronics Named 2021 EXIM Exporter of the Year
September 21, 2021
(Ex-Im Bank)
EXIM’s Export Credit Insurance and Working
Capital Guarantees Enabled Florida Manufacturer
to Expand Existing Sales and Enter New Markets
WASHINGTON — Motortronics, a
small-business manufacturer based in
Clearwater, Florida, has been named an Exporter
of the Year by the Export-Import Bank of the
United States (EXIM). The company, which has
used EXIM’s export credit insurance and
working capital programs to support its
international sales since 2007, was awarded
today at EXIM’s 2021 Annual Conference being
held virtually September 21-23.
“I am honored to recognize Motortronics for
its outstanding contributions to fulfilling
EXIM ’s mission of supporting American jobs
by facilitating U.S. exports,” said EXIM
Acting Senior Vice President of Small Business
and Vice President of Women- and Minority-Owned
Business Outreach Tamara Maxwell.
“Approximately 90 percent of EXIM’s
authorizations directly support small
businesses such as the exporters being awarded
at the annual conference. We are dedicated to
facilitating the exporting success of U.S.
small businesses as they compete in the global
marketplace and support American jobs at
home.”
Motortronics is a leader in the manufacturing
of solid-state AC motor controls and motor
production products serving the industrial
markets. The company’s products help
electrify and protect motors and equipment that
serve most all essential markets such as fresh
water, waste-water, oil, gas, semiconductor,
HVAC, and refrigeration. This small business
has relied on EXIM since 2007, using both
export credit insurance and working capital
guarantees. The company ships to buyers in more
than two dozen countries and has credited EXIM
with the ability to enter markets around the
globe and win new customers in developing
countries to obtain their products.
“EXIM is a great partner to help expand your
business. For any small business wanting to
expand their footprint, EXIM's programs allow
you to become competitive in the world market
and provide products and services in areas of
the world that were previously not attainable
to you. All you need is a good banking
relationship and a great EXIM broker and ‘the
world is your oyster,’” said Motortronics
President Jim Mitchell and Vice President
Administration Joyce Mitchell.
Motortronics has an EXIM-guaranteed working
capital loan facility that supports
approximately $20 million in export sales of
electrical control equipment primarily to South
Korea, Singapore, and Egypt. The company also
has a $3.5 million short-term multibuyer
insurance policy with shipments reported to 29
buyers in 14 countries, primarily Egypt, China,
and Turkey.
Since 2014, EXIM has supported exports valued
at $6 billion from 563 companies—including
472 small businesses such as
Motortronics—across Florida.
U.S. companies, particularly small businesses,
can utilize EXIM’s financing tools and
resources to increase their international
sales, showcase their “Made in the USA”
products, and create and sustain American jobs.
By partnering with EXIM, exporters can mitigate
the risk of nonpayment on international sales,
offer credit terms to foreign buyers, and
access working capital loan guarantees. In
addition, EXIM has implemented several COVID-19
(coronavirus) relief measures for U.S.
exporters and financial institutions to enhance
the agency’s existing programs.
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