Epicore BioNetworks, Inc. of Easthampton, New Jersey, is a specialty products company providing environmental biotech and nutritional products for the shrimp aquaculture industry. Epicore develops, manufactures and markets their products in the United States although the shrimp aquaculture industry is centered around the equator. Due to the nature of their industry, Epicore took an early strategic view of exporting, and currently sells around the globe.
From the start, Epicore experienced foreign receivables collection problems with several international clients. In addition, the company wanted to expand into new markets, but was concerned about the risk of nonpayment by foreign buyers.
After attending a small business seminar and learning about export credit insurance, Epicore contacted EXIM Bank to better understand how the company could mitigate the risk of nonpayment by international customers. EXIM's export credit insurance empowers Epicore to offer "open account" credit terms to foreign buyers while mitigating the risk of buyer nonpayment. EXIM covers the political and commercial risks of nonpayment up to 95% of the sales invoice.
With export credit insurance, Epicore expanded into additional foreign markets with the confidence that their foreign receivables were protected. It now exports to 29 countries.