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A Miami Company's Dream Come True with Sales to South America

Exporter/Customer: 
BioDominium Diagnostics
Export Destinations: 
South America
EXIM Bank Product: 
Working Capital and Export Credit Insurance
Export Sales ($): 
Exports are 70% of Total Sales

BioDominium Diagnostics

BioDominium Diagnostics, based in Miami, is an American manufacturer of diagnostic test reagents for infectious and autoimmune diseases. The company distributes products of the highest quality to medical laboratories that lack the manufacturing capabilities.

 

 

Export Challenge

The intention to distribute the highest quality materials to medical practices and labs in South America was delayed at first. Partner Cristina Fernandes this was because “private banks are very, very restrictive” and often cannot offer South American clients acceptable credit terms.

EXIM Solution

BioDominium set up a $750,000 line of credit with its lender that has a 90% backing by EXIM. This gives the company enough working capital to fill its export sales orders. Additionally, the company uses EXIM insurance to give its clients “open account” credit terms that are unavailable in the private market. The insurance also protects against buyer nonpayment either for commercial or pollitical risks.

Results

Today, BioDominium Diagnostics successfully dispenses high quality medical supplies to Brazil, Peru, and Argentina.  Sales to these countries make up somewhere between 60 and 70 percent of BioDominium Diagnostics’ business. Ms. Fernandes believes its customers prefer American products because of their remarkable quality, but if EXIM Bank were to disappear, those customers could “compromise on quality” in favor of financing.

"EXIM has been very beneficial in growing our company. We are less afraid of not being paid and we have improved our cash flow with the working capital lender loan."
Cristina Fernandes, Partner