Ottoni Fernandes started Prime Diagnostics about 20 years ago to export high quality, American-made medical supplies to developing countries in South America. Prime Diagnostics is based in Miami, famous for being America’s main access point to South America.
The company had two challenges. First, it needed funds to buy its equipment and supplies to fulfill its distribution channel. Second, Prime needed to match its foreign competitors and be able to extend credit terms to its customers. Mr. Fernandes acknowledged private banks are very restrictive and often times cannot offer his South American clients acceptable terms.
Prime Diagnostics took advantage EXIM’s export credit insurance, multi-buyer policy, which gave the company enough working capital to fill orders. The company assigned its EXIM-backed, foreign accounts receivables to a lender. Additionally, Prime Diagnostics was able to use its policy to offer its clients terms that are unavailable in the private market.
Today, Mr. Fernandes utilizes his network of almost 50 employees to distribute the highest quality medical supplies and devices to medical practices and labs in Brazil, Peru, and Argentina. EXIM has supported $1.5 million of Prime Diagnostics' international sales during the 2013 to 2018 period. Sales to these countries make up somewhere between 60 and 70 percent of Prime Diagnostics’ business.