Energy-Industry Small Business Adds Jobs in Texas and Louisiana with EXIM Insurance and Working Capital Support
July 17, 2019
(Ex-Im Bank)
Washington, D.C. – Mid-South Control Line, a
small business in the oil and gas industry
headquartered in Marrero, Louisiana, is
benefiting from the support of the
Export-Import Bank of the United States (EXIM)
to expand its international sales to energy
customers in 37 countries. Since the company
began using EXIM products, Mid-South Control
Line has grown from two to 20 employees at its
facilities in Marrero and Houston, Texas.
To draw attention to the White House’s Made
in America Week, EXIM is showcasing companies
such as Mid-South Control Line whose success in
exporting illustrates how American
businesses—small and large—contribute to
U.S. economic prosperity by sustaining and
creating jobs in the United States.
Mid-South Control Line is a global supplier and
manufacturer of hydraulic control lines, tubing
encased conductors, and cable protectors for
leading companies in the oil and gas industry.
Their products are used during completion of
oil and gas wells. Founded in 1989, the small
business with 30 employees was one of the first
to focus its business on these components as a
product line and provides customized solutions
for its customers.
To foster its export business, Mid-South
Control Line turned to EXIM, using the
agency’s export credit insurance and working
capital loan guarantees to expand.
“EXIM has helped Mid-South grow our
international business by providing a secure
support system when setting up new customers
outside of the USA,” said Rick Lore, Sr.,
president and founder of Mid-South Control
Line. “Before we established our relationship
with EXIM, I was very leery in giving any
credit to companies that I was not either
familiar with or who didn’t have U.S. ties
for payment purposes.”
Mid-South Control Line relies on two EXIM
products: the working capital guarantee (which
helps in the pre-export phase to provide
necessary cash flow) and export credit
insurance (which helps in the post-export phase
to insure payment of foreign receivables). EXIM
has supported more than $116 million of the
company’s exports since 2014.
During the manufacturing phase, the company
uses EXIM’s working capital guarantee, which
enables companies to obtain necessary financing
and maintain their cash flow, working through
lender J.P. Morgan Chase & Co.
When the exports have been shipped, the company
uses EXIM’s export credit insurance, which
allows companies to offer credit terms to their
buyers, to remain competitive, and to expand
into new markets. J. Maxime Roy Inc. in
Lafayette, Louisiana, is the EXIM insurance
broker.
Mid-South Control Line is among the largest
U.S. exporters in its industry. This year, the
company will fill more than 300 export orders,
valued at nearly $20 million and destined for
37 countries, Lore said. “Without the EXIM
coverage, some of these orders would not have
happened,” he said. “It has been a great
feat to see our growth in the international
market that we work in, and EXIM has played a
huge part in our success.”
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