Bio-Pro Research of Hickory, North Carolina, is a small manufacturer of biological stain and odor remediation products. In 2010, the company began working with EXIM Bank and today, they export to over 90 countries worldwide.
Like many small businesses, Bio-Pro Research started exporting on a small scale. Realizing the strategic opportunity a larger international distribution network posed for the company, Bio-Pro Research planned to expand throughout Europe, setting up multiple channels of distribution. The catch? International customers wanted 60 days "open account" credit terms to do business and Bio-Pro Research needed to finance those receivables, rather than deplete the company’s cash reserves.
Enter EXIM and Global Business Solutions, Inc. a registered EXIM insurance broker. Working together, Bio-Pro Research insured the receivables generated by international sales and received financing for their export related activities. As a result, the company:
- Grew the business, exporting to over 90 countries
- Generated 50 percent of their revenue stream from exports
- Added new jobs
Bill Hadley, Bio-Pro Research CEO, has this to say about his experience with EXIM.
“Export credit insurance sure as heck helps you sleep at night, knowing you have 95 percent coverage on your receivables. I do not lose a wink over our international sales.”
Bio-Pro Research’s long-time relationship with EXIM continues to help the company grow. Recently, the company closed a deal with a new international partner that will sell Bio-Pro Research’s products in over 80,000 stores globally. “Without EXIM insurance,” Mr. Hadley goes on to say, “we could not take on a company of this size.”
Bio-Pro Research joins other small businesses like Radius Networks that service the world’s largest corporations with EXIM support. Have you taken the step of selling your product or service internationally? Would you like to grow your small business by expanding your global network of customers? Start by contacting your local EXIM representative for a free consultation today.