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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