Minority-Owned Houston Small Business Uses Exports to Reach New Heights
June 25, 2015
(Ex-Im Bank)
Armed with financing from the Export-Import
Bank, Equip XP expands workforce, grows
international sales
Washington, D.C. – Equip XP, a full-service
minority-owned small business of 12 employees
headquartered in Houston, Texas, has been
exporting its quality construction, mining,
energy, and maritime industry equipment to
markets abroad. Founded in 2006, the company
continues to expand into global markets thanks
to financing support from the Export-Import
Bank (EXIM).
Since utilizing several of EXIM’s financing
products, Equip XP has been able to increase
sales, expand to multiple markets, and grow its
workforce by one-third. Equip XP credits this
leap to EXIM’s short-term credit insurance, a
product that protects small businesses from
foreign buyer nonpayment, as well as to EXIM’s
guarantees of commercial loans and working
capital support that help Equip XP keep
producing, investing, and hiring while waiting
on payment for export sales to come in.
Additionally, Equip XP receives continued
support and guidance from its broker, Penn
International in San Antonio, as the company
grows.
EXIM’s financing programs support
minority-owned businesses and other small
businesses like Equip XP attempting to break
into new markets overseas and create
good-paying jobs in their communities, said
EXIM Bank Chairman and President Fred P.
Hochberg. “It is our mission to empower
American businesses like Equip XP to grow and
create jobs by providing them with the
financing they need to tackle foreign markets,
compete on a level playing field, and beat out
tough foreign competition.”
Since 2009, EXIM has authorized more loans to
help grow minority- and women-owned businesses
than it did over the previous sixteen years
combined; today, it is the fastest growing
sector in the Bank's small business portfolio.
“The Bank has provided additional value to our
customers by creating opportunities to borrow
abroad at rates lower than what they can obtain
locally,” said Vernon Darko, Owner and CEO of
Equip XP. We will continue to look to utilize
EXIM short-term credit insurance, medium-term
loan guarantees, and working capital programs.
For more information about EXIM and it’s
Minority-owned and Women-owned Business
Directorate, call 1-800-565-EXIM or visit
www.exim.gov.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.