XIM Bank Case Study: Got Lice?
January 23, 2018 Elizabeth Thomas, Business Development Specialist, Office of Small Business
Well we hope not, but if so, BioSafe Technologies of Denison, Texas, has the shampoo for you.
Founded in 2000, BioSafe products are the result of a research project seeking non-toxic methods for controlling insects on plants. Lynn James-Meyer, BioSafe’s CEO, found that several of the formulations worked on blood sucking insects, particularly fleas, mites and lice, and a company was born.
Lice are a universal problem and BioSafe began exporting its shampoo to Europe. Like many small companies, BioSafe required funds to grow manufacturing operations to meet international demand. Fortunately, Ms. James-Meyer discovered EXIM Bank through United Risk Consultants, an EXIM registered insurance broker.
EXIM’s export credit insurance product provided two solutions for BioSafe. First, BioSafe received a line of credit from their commercial lender by covering the accounts receivables generated by international sales. The additional cash flow enabled BioSafe to purchase raw materials, outsource manufacturing and meet the timeframes required by international customers. Second, export credit insurance empowered BioSafe to offer open account credit terms and provided peace-of-mind by protecting the company from nonpayment by foreign buyers.
“EXIM allowed us to take on a large customer overseas. We never would have expanded our exports without the support offered by EXIM. We could take on multiple orders, pay our vendors on time and offer better terms to our customers without concern for receipt of payment.”
Lynn James-Myer, Founder and CEO
In addition to helping people worldwide, Ms. James-Meyer was recently awarded three Stevie Awards:
- Gold: Female Entrepreneur of the Year—Consumer Products, 10 or fewer employees
- Gold: Female Maverick of the Year
- Silver: Lifetime Achievements
The Stevie Awards for Women in Business is an international competition that recognizes the achievements of women executives, entrepreneurs and the companies they run. Congratulations to Ms. James-Myers for her achievements in business, and in creating pesticide free, clinically proven products that are providing relief worldwide.