Wood Maker Leans On Ex-Im Bank To Sell Overseas
Amana Tool – Farmington, New York
Amana Tool has been redefining woodworking since 1972 with its high-quality router bits, cutters and saw blades. Located in Farmington, New York, this global exporter of woodworking tools has seen tremendous growth in exports over the last five years, particularly in Central and South American markets. After years of 10% annual growth, exports now consist of 20% of Amana Tool’s overall sales.
Due in part to this surge in exports, Amana Tool has added jobs in Farmington, expanding its workforce to 41 people. Central to this continued growth has been the Ex-Im Bank. Michele Hannasch-Scott, Controller for Amana Tool, describes Ex-Im’s role for her company: “Ex-Im Bank’s credit insurance lets us comfortably ship larger orders, allowing us to more rapidly expand our business. Without it, our hands would be tied.”
Indeed, without Ex-Im Bank, many small exporters would face major problems finding local banks willing to take on the risk of overseas markets despite how safe they’ve proven to be. “In the last 15 years, we’ve never filed a claim,” says Michele. “All we’re doing is paying Ex-Im a fee.” But that fee is worth it, as it gives Amana Tool and other small companies the security they need to become exporters, expand their business and create new jobs. “I’m not sure why Ex-Im Bank is even an issue. It’s making the government money. Why shut it down?”