Small businesses comprise the majority of all firms in the U.S. economy, and are powerful engines of job creation at home as well as drivers of development, innovative solutions, and economic efficiency in scores of developing nations.
Small businesses can also face far tougher challengers than established multinationals when they do business abroad, so it is both fitting and instructive to shine a light on the strategies and successes of OPIC’s small business clients operating in emerging markets.
Earlier this month, OPIC recognized Ellicott Dredges LLC of Baltimore, Maryland with an OPIC Impact Award in the American Small Business category. Ellicott has a longstanding relationship with OPIC and has purchased OPIC political risk insurance to support sales of its dredging equipment in multiple countries around the world, most recently in Iraq, where this equipment is helping improve flood control and restore hydroelectric dams.
“I don’t think we could be (in Iraq) without OPIC’s support,” Ellicott President Peter Bowe said at an awards ceremony on March 11. “We’ve signed multiple contracts, established good relations, and gotten paid. None of it has been easy but it has all been successful.”
Bowe also stressed that the sales of this large dredging equipment has helped support manufacturing jobs in Baltimore and in Wisconsin, where Ellicott operates plants.
“Ellicott exemplifies the American entrepreneurial spirit and it reminds us that when American companies engage in development abroad, it pays dividends here at home,” said Mark Meadows, U.S. Congressman from North Carolina, who presented the award.
This is the second in a series of posts highlighting the winners of OPIC’s Inaugural Impact Awards. Read more about the winners here.
Renewable Resources Impact Award winner: SunEdison.