EXIM Chairman Reed Visits Interstate Narrow Fabrics to Present Exporter of the Year Award
November 9, 2020
(Ex-Im Bank)
North Carolina Textile Industry Small
Business Manufacturer Utilizes EXIM Export
Credit Insurance to Expand International Sales,
Swiftly Turned to Producing Face Mask Elastics
at Start of COVID-19
HAW RIVER, North Carolina — Export-Import
Bank of the United States (EXIM) President and
Chairman Kimberly A. Reed last week presented
an Exporter of the Year award to Interstate Narrow Fabrics,
Inc. (link is external), a textile industry
small business with 75 employees that
manufactures narrow fabrics, and toured the
company’s production facilities in Haw River,
North Carolina.
This family-owned company, which has used
EXIM’s export credit insurance to support its
international sales since 2009, was honored
virtually during EXIM’s 2020 Annual
Conference in September and has been producing
high-quality woven and knitted products in
Alamance County, North Carolina, for 35 years.
Interstate Narrow Fabrics manufactures a wide
variety of items including elastics, tapes,
cords, straps, and webbings which are used in
industries ranging from apparel to medical to
automotive, including well-known consumer
brands.
Many of Interstate Narrow Fabrics’ exports
are incorporated into medical garments like
compression stockings for patient use. When
COVID-19 struck earlier this year and the need
for personal protective equipment (PPE) became
apparent, the company swiftly adapted to
increase its production of face mask elastics
and medical gown tapes, with staff working
through the height of the COVID-19 pandemic to
support the nation’s PPE supply chain.
EXIM’s Charter includes a Congressional
mandate to support the U.S. textile industry
and manufacturers of textile components and
inputs such as Interstate Narrow Fabrics.
“Interstate Narrow Fabrics — a 75-employee
family-owned small business American success
story — is a great example of how EXIM helps
small businesses and the American textile
industry succeed in the global marketplace, and
I am proud to recognize this inspiring company
as a 2020 EXIM Exporter of the Year,” said
Chairman Reed. “Over the past seven years,
this company has seen growth in medical
industry elastic exports and now 10 percent of
its business is overseas. And, when COVID-19
first struck our country, this company swiftly
turned to making the elastics for face masks
— at one point enough for 3.2 million masks
per week. I also learned that Interstate
Narrow Fabrics — for the first time in the
company’s 35-year history — provided yearly
raises to all of its hourly employees for the
past three years because of the Trump
Administration’s economic policies. They also
are now looking to hire six new employees.”
During the recession of 2009, Interstate Narrow
Fabrics turned to EXIM’s export credit
insurance to cover its international accounts,
which allowed the company to maintain
established accounts and expand international
sales despite the financially uncertain times.
Over the years, the company has continued to
grow its export business, which has provided
new jobs for several employees. Since 2014,
EXIM has supported exports to markets including
Mexico, Canada, Dominican Republic, and Sri
Lanka. The company’s policies are facilitated
by EXIM broker Global Business Solutions of
Winston-Salem, North Carolina.
“EXIM has given us the ability to grow our
export business to where it is today. With the
peace of mind of having EXIM’s support,
Interstate Narrow Fabrics can focus on growing
its business,” said Anthony Vailati, Vice
President and Sales Manager of Interstate
Narrow Fabrics. “We sell products
manufactured here in the USA to many countries
on at least five continents, and exports
account for approximately 10 percent of our
business. We could not have achieved this
without the help of EXIM.”
Chairman Reed and the Interstate Narrow Fabrics
team also discussed the future of the U.S.
textile industry and the need for a trained
American workforce. Expanded apprenticeship
programs (link is external) can train and
provide opportunities for American workers, as
a skilled workforce is needed more than ever as
companies reopen and expand, startups are
launched, and our economy continues to
rebound.
Since 2014, EXIM has supported exports valued
at $2 billion from 147 companies — including
123 small businesses like Interstate Narrow
Fabrics — across North Carolina.
Approximately 90 percent of EXIM authorizations
directly support small businesses.
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 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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