News from the Export-Import Bank of the United StatesFOR IMMEDIATE RELEASE NASHUA FIRM QUADRUPLES EMPLOYEES WITH EX-IM BANK SUPPORT Lancast, Inc., Nashua, NH, a small maker of data communications equipment for Local Area Networks (LANs), more than quadrupled its staff in three years in part due to fast-growing exports backed by the Export-Import Bank of the United States (Ex-Im Bank). "We expect foreign sales to be up 75 percent this year," says Jack Steinkrauss, Lancast`s Chief Financial Officer. "Our workforce grew from 20 to 84 employees in the past three years and we expect to hit 100 by December. Ex-Im Bank`s program has been a major part of our success." An Ex-Im Bank multi-buyer insurance policy enables Lancast to provide competitive credit to foreign buyers of its products, including its latest invention, the "twister," a 100-megabit data translator that eliminates distance limitations in high-speed LANs. "Other states have their high tech telecommunications companies," says Alex Kupchik, Lancast`s hardware engineering manager, who immigrated from Russia with his wife and daughter nearly three years ago to settle in Nashua, "but Nashua has Lancast!" Lancast is one of 18 New Hampshire firms that Ex-Im Bank has helped export a total of $50.4 million in goods and services and sustain 700 New Hampshire jobs in the past 18 months. The bulk of the Ex-Im Bank financing was extended through Ex-Im Bank`s local City-State Partner, the New Hampshire Office of International Commerce in Portsmouth. "The demand for Ex-Im Bank programs is increasing dramatically this year,&qts against the risk of nonpayment, and by providing working capital to U.S. companies that want to develop goods for export. Exporters pay market-based fees for Ex-Im`s financing services, which help support the Bank`s work. New Hampshire companies are a case in point: Yankee Book Peddler, Contoocook, a family-owned wholesaler of books to universities and public libraries, has expanded staff and foreign sales with the support of Ex-Im Bank insurance. Imaging Automation, Merrimack, an exporter of imaging security systems for identification processes; Paramatic International, Inc., Hudson, a small maker of automatic wax moulding systems that is selling to Asian and South American markets; and Monadnock Forest Products, Inc., Milford, a manufacturer and wholesaler of hardwood lumber to the Far East and Europe, all have benefited from Ex-Im Bank support. Ex-Im Bank has helped sustain 100 thousand American jobs around the country in the first half of fiscal 1997 (October 1996 - March 1997) by backing $7.6 billion in foreign sales that would not have gone forward without the Ex-Im Bank`s participation. The Bank provides financing that would not be available from commercial banks without our guarantee. Since it was last rechartered in 1992, Ex-Im Bank has completed over 10,000 financial transactions, totaling $65.6 billion. Legislation to recharter the Ex-Im Bank has been submitted to Congress and hearings on the legislation are scheduled this month. | ||
Original URL: http://www.exim.gov/pressrelease.cfm6F75A779-1032-5B0F-BE01C458AF8F5D6C/
Export-Import Bank of the United States
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