Pennsylvania Textiles Manufacturer AKAS Textiles and Laminations Named an EXIM Exporter of the Year
September 21, 2021
(Ex-Im Bank)
Woman- and Minority-Owned Small Business Uses
EXIM’s Export Credit Insurance and Working
Capital Guarantees to Increase Revenue
WASHINGTON – AKAS Textiles and
Laminations (AKAS Tex), a woman- and
minority-owned small business engaged in
textiles design and manufacturing in Bensalem,
Pennsylvania, 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 and working
capital guarantee to support its international
sales since 2013, was awarded today at EXIM’s
2021 Annual Conference being held virtually
September 21-23.
“I am pleased to recognize AKAS Tex for its
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. We are dedicated to
facilitating the exporting success of U.S.
small businesses as they compete in the global
marketplace and support American jobs at
home.”
AKAS Tex was started in 2007 by Indian
immigrants Sidharth and Archana Sharma, who
moved to the United States to create a better
life for their children, Karishma and Ashrey.
AKAS—named for the four family members—is
known for its eco-friendly, made-in-America
fabrics used in top brands for absorbency, food
safety, organics, athletic performance,
protection, and more. The company partners
exclusively with American textile mills for
production, and its products are used in gear
for U.S. armed forces and astronauts, among
other applications. Last year, the company
began making masks for domestic and
international customers.
In 2013, AKAS Tex began using EXIM
small-business financing products that helped
the company to increase revenue by offering
credit terms to its international customers and
using working capital to fulfill export sales
orders. As a result, customers ordered larger
quantities of its fabrics due to access to
credit terms of up to three months that enabled
them to make and sell textile products and then
pay AKAS Tex. The company’s export revenues
increased from 5 percent to 15 percent, and the
number of its customers increased to 180 in 60
countries and regions, including the United
Kingdom, Europe, South Africa, Australia, and
South America.
“It is only due to EXIM’s support that we
were able to substantially grow our exports.
EXIM opened up the world for us to access new
markets and opportunities. Their service is
excellent, and they are invaluable for small
businesses like ours. With EXIM backing us, I
am confident in venturing into new markets.
Thank you, EXIM!” said AKAS Tex CEO and Chief
Storyteller Archana Sharma.
Since 2014, EXIM has supported a total of 213
exporters such as AKAS Tex across Pennsylvania,
143 of whom are small businesses, with a total
export value of $6 billion.
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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