EntroGen is a small biotechnology company with a focus on molecular diagnostic tests specifically in the areas relating to cancer and other blood related diseases. While it’s products are needed in countries across the globe, shipping posed a risk since the goods that are shipped are perishable.
EXIM was able to step in and provide multi-buyer insurance allowing them to ship their perishable goods overseas with the assurance they will still get paid. For example, there was a risk of nonpayment with the unstable economy in Turkey but through EXIM’s insurance EntroGen was able to continue business there.
As a result, EntroGen now exports to 39 countries across the globe and more than 50% of their sales are export-related. Entrogen has increased sales and added jobs here in the United States ever since they began doing business with EXIM. During the 2013 to 2018 time frame, EXIM has supported $2.4 million of this company's export sales.