Based in Longmont, Colorado, Cyclo Toolmakers Inc. has a long history of manufacturing and distributing American-made orbital polishers and accessories.
Developed by two Army pilots after a dusty tour in the Middle East, Cyclo’s orbital polishers are used heavily in the aircraft, boating, and auto industries. In fact, Cyclo products are still used today by the U.S. military on its missiles and aircraft, including the President’s Air Force One fleet.
In an effort to expand their international exposure and minimize risk, Cyclo looked to Ex-Im Bank for support. Using the Bank’s multi-buyer credit insurance program, Cyclo was able to sell its products to its overseas customers without worrying about collecting international debt.
“Having the government back our sales affords us peace of mind,” says Carolyn Sutherland, Vice President. “Since we can’t shake hands with overseas clients or even sometimes speak the same language, Ex-Im Bank bridges that gap for us,” says Sutherland.
Today, with the help of Ex-Im Bank, exports comprise 40% of their business and support its local jobs in Colorado.
Ex-Im Bank helped Cyclo increase their number of international customers and gave them the convenience of knowing that their high-value international orders were insured.
“If Ex-Im Bank closed, we would not feel nearly as comfortable extending credit to international buyers,” she says. It’s even fair to say that the company would lose business. “New customers would be discouraged to buy from us if they had to pay for orders in advance, costing both of us money,” Sutherland says.
Committed to the tradition of producing high-quality polishers and accessories, Cyclo remains intent on maintaining their reputation as the world’s best and most durable polishing tool.
“We are a small company that actually manufactures goods in the U.S., and that in itself is a rarity in our industry,” says Sutherland. With Ex-Im Bank support, a small business like Cyclo can competitively export American innovation on a level playing field.