Vermont Manufacturer Cabot Hosiery Mills, Inc./Darn Tough Named 2021 EXIM Exporter of the Year
September 21, 2021
(Ex-Im Bank)
EXIM’s Export Credit Insurance Enabled
Vermont Small Business to Expand Existing Sales
and Enter New Markets
WASHINGTON – Cabot Hosiery Mills, Inc./Darn
Tough, a small, family-owned business in
Northfield, Vermont, that manufactures
high-quality socks designed to be durable for
outdoor activities, 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 to
support its international sales since 2017, was
awarded today at EXIM’s 2021 Annual
Conference being held virtually September
21-23.
“I am pleased to recognize Darn Tough for
their 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. EXIM is dedicated to
facilitating the exporting success of U.S.
small businesses as they compete in the global
marketplace and support American jobs at
home.”
About 40 years ago, Cabot Hosiery Mills got its
start producing socks for larger USA apparel
brands such as Gap and other companies. When
these brands began importing and manufacturing
socks from overseas due to costs in the late
1990s, Cabot Hosiery Mills suffered financially
and almost had to file for bankruptcy. Saving
the company, the owners’ son, Ric, created
the successful high-performance sock that would
later become the face of its brand Darn Tough
Vermont® and would be exported to countries
around the world.
“Working with EXIM has enabled Darn Tough to
expand internationally with confidence while
safeguarding one of our highest risk
areas—receivables! Protecting this aspect of
our business brings peace of mind and allows us
to focus on customer experience and developing
a strategy to bring our socks to new
marketplaces,” said Darn Tough International
Sales and Business Development Manager Joe
Nocito.
The company began exporting Darn Tough
Vermont® 10 years ago to Japan. Growing in
size and success, the company wanted to expand
its exports to the United Kingdom and Europe,
but with a lack of experience and understanding
of the credit side of foreign exporting, they
turned to EXIM, which provided export credit
insurance to cover the credit risks. EXIM has
enabled Darn Tough to grow its business by
expanding into new marketplaces, adding
domestic workforce to support growth, and
building brand equity around the world. In the
past five years, the company has expanded its
exports to Taiwan, South Korea, Norway, Sweden,
Finland, Denmark, Germany, Belgium, the
Netherlands, and Austria.
Since 2014, EXIM has supported exports valued
at $230 million from 10 companies—including
small businesses such as Cabot Hosiery Mills
Inc./Darn Tough—across Vermont.
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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