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Seattle Company Helps Train Doctors Worldwide with Bank Export Credit Insurance

Exporter/Customer: 
Simulab Corporation
Export Destinations: 
65 Countries
EXIM Bank Product: 
Express Insurance
Jobs Created: 
2

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Simulab provides educators with tools to reduce medical errors and increase patient safety. Since 1994 this medical simulation company has been making surgical simulators for the medical education community. Their hand-made models help doctors become familiar with life-saving procedures.

This Seattle firm has 75 employees with sales in 65 countries. It started using EXIM export credit insurance in 2011 and international sales have tripled. The Bank's insurance enables Simulab to extend credit terms to their customers so they have a longer, more reasonable time to pay rather than pay-in-advance with cash or credit cards. By offering open accounts, the company can do business with more distributors, primarily in Europe and the Middle East, and the distributors can order larger shipments than if they were required to pay up front.

"We're a small company and would not be able to take the financial risk. The main risk is that you're outside U.S. jurisdiction. Although we're comfortable with our overseas dealers and have a lot of confidence in them, it would be easy for them to decide not to pay because they're not on U.S. soil."
David Garland, Vice President of Sales