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-- WITH PHOTO -- TO BUSINESS, AND FOOD EDITORS:
Love & Quiches Gourmet Named Ex-Im Bank Small Business Exporter of the
Year
WASHINGTON, April 24, 2014 /PRNewswire-USNewswire/ -- Love & Quiches
Gourmet, a Freeport, NY-based small business that sells quiches and
desserts to customers around the world, received theSmall Business
Exporter of the Year award from the Export-Import Bank of the United
States (Ex-Im Bank). The award was presented at the Bank's 39th Annual
Conference in Washington, D.C.
"Helping small businesses like Love & Quiches grow and compete on the
global stage is at the heart of the Bank's mission," said Ex-Im Bank
Chairman and President Fred P. Hochberg. "From its start in a Long
Island kitchen, this company has steadily grown to sell its products
to customers around the world. I am pleased that the Bank was able to
provide the insurance that Love & Quiches Gourmet needed to finance
its growing export sales."
Like many small businesses, Love & Quiches Gourmet depends on lines of
credit and other forms of working capital to finance and grow its
business. As lenders consider applications for extended credit, they
can often be wary of any revenue from foreign sales, particularly when
it comes to small businesses. When Love & Quiches applied for export
financing, Ex-Im Bank's small business export credit insurance, backed
by the U.S. government, provided the reassurance needed for Wells
Fargo Bank to advance funds against the company's foreign receivables
and improve its cash flow.
"Our ability to build Love and Quiches Gourmet was made possible, in
large measure, by our partnership with Ex-Im Bank," said Love and
Quiches Gourmet Chairwoman and Founder Susan Axelrod. "That experience
inspired my book With Love andQuiches: A Long Island Housewife's
Surprising Journey From Kitchen to Boardroom which chronicles both our
40 year history and how Small Business can succeed and compete on a
global stage."
Since Susan Axelrod began making quiches in 1973, the company has
expanded into a full line of dessert products and recently moved into
a new state-of-the-art manufacturing facility located in Freeport,
NY. Love & Quiches Gourmet's export volume increased from $4.9 million
in 2012 to $7.2 million in 2013. The company is targeting a 10 percent
increase in export sales for their fiscal year 2014.
Ex-Im Bank's 2014 Annual Conference will focus on the global business
environment and prospects for growth. The event will feature prominent
members of the business and government community including Secretary
of Commerce Penny Pritzker, Secretary of Energy Ernest Moniz,
Secretary of Agriculture Tom Vilsack, Former Treasury Secretary and
President Emeritus of Harvard University Lawrence Summers, Wells Fargo
Chairman and CEO John Stumpf, SpaceX CEO and Chief Designer Elon Musk,
Pemex CEO Emilio Lozoya Austin, and Virginia Governor Terry McAuliffe.
A full listing of speakers, panelists, and moderators is available on
Ex-Im's website: www.exim.gov.
About Ex-Im Bank Ex-Im Bank is an independent federal agency that
creates and maintains U.S. jobs by filling gaps in private export
financing at no cost to American taxpayers. The Bank provides a
variety of financing mechanisms, including working-capital guarantees,
export-credit insurance and financing to help foreign buyers purchase
U.S. goods and services. In the past fiscal year alone, Ex-Im Bank
earned for U.S. taxpayers more than $1 billion above the cost of
operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total
authorizations to support an estimated $37.4 billion in U.S. export
sales and approximately 205,000 American jobs in communities across
the country. For the year, the Bank approved a record 3,413
transactions-- or 89 percent--for small-businesses. Small business
exporters can learn about how Ex-Im Bank products can help them
increase foreign sales at http://go.usa.gov/ZVTd. For other
information about Ex-Im, visit www.exim.gov.
Logo - http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
SOURCE Export-Import Bank of the United States
-0- 04/24/2014
/CONTACT: Matthew Bevens, 202-650-9823
/Photo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
PRN Photo Desk, photodesk@prnewswire.com
/Web Site: http://www.exim.gov
CO: Export-Import Bank of the United States
ST: District of Columbia
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-- DC12702 --
0000 04/24/2014 19:47:00 EDT http://www.prnewswire.com
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