Florida Small-Business Manufacturer Motortronics Named 2021 EXIM Exporter of the Year
September 21, 2021
(Ex-Im Bank)
EXIM’s Export Credit Insurance and Working Capital Guarantees Enabled Florida
Manufacturer to Expand Existing Sales and Enter New Markets
WASHINGTON — Motortronics, a small-business manufacturer based in
Clearwater, Florida, 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 programs to support its international sales
since 2007, was awarded today at EXIM’s 2021 Annual Conference being held
virtually September 21-23.
“I am honored to recognize Motortronics 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.”
Motortronics is a leader in the manufacturing of solid-state AC motor controls
and motor production products serving the industrial markets. The company’s
products help electrify and protect motors and equipment that serve most all
essential markets such as fresh water, waste-water, oil, gas, semiconductor,
HVAC, and refrigeration. This small business has relied on EXIM since 2007,
using both export credit insurance and working capital guarantees. The company
ships to buyers in more than two dozen countries and has credited EXIM with the
ability to enter markets around the globe and win new customers in developing
countries to obtain their products.
“EXIM is a great partner to help expand your business. For any small business
wanting to expand their footprint, EXIM's programs allow you to become
competitive in the world market and provide products and services in areas of
the world that were previously not attainable to you. All you need is a good
banking relationship and a great EXIM broker and ‘the world is your
oyster,’” said Motortronics President Jim Mitchell and Vice President
Administration Joyce Mitchell.
Motortronics has an EXIM-guaranteed working capital loan facility that supports
approximately $20 million in export sales of electrical control equipment
primarily to South Korea, Singapore, and Egypt. The company also has a $3.5
million short-term multibuyer insurance policy with shipments reported to 29
buyers in 14 countries, primarily Egypt, China, and Turkey.
Since 2014, EXIM has supported exports valued at $6 billion from 563
companies—including 472 small businesses such as Motortronics—across
Florida.
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.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.