Exporter/Customer: ITSI-Biosciences, LLC
Export Destinations: Spain, Japan, India, Nigeria, Malaysia, Ghana
EXIM Bank Product: Export Credit Insurance
Founded in 2004, ITSI-Biosciences LLC (Integrated Technologies & Services International) is a leading developer of ready-to-use kits for biomedical research. With its vision to provide state-of-the-art bioanalytical solutions to the global scientific community, ITSI- Biosciences helps its partners succeed.
The ability to provide the equipment, knowhow, and time needed to generate scientific data fast for universities, academic medical centers, research institutes, biotechnology companies, and pharmaceutical firms, is the foundation for why ITSI-Biosciences developed sample preparation kits that standardized processes historically performed in customers’ laboratories.
ITSI-Biosciences, LLC is the only Life science company in Johnstown, an economically depressed city in west central Pennsylvania. Even though it is a small business, it has a global reach and a very active export program because of its ability to fully leverage the available export promotion programs in the region, state, and nation. Over 70% of the company’s revenue is from outside the U.S. ITSI-Biosciences has helped design, setup, equip and manage DNA banking laboratories and DNA forensic crime labs overseas.
ITSI-Biosciences learned about the Export Import Bank of the United States (EXIM) from their local SBA office and U.S. Commercial Services. Although the company had foreign distributors in over 26 countries, they were not as competitive as other foreign suppliers because of their inability to extend credit to their distributors. In 2006, the company worked with EXIM to get an export credit insurance policy to promote and sustain their export business.
Since partnering with EXIM and broker Global Insurance Services, ITSI-Biosciences was able to expand their global footprint from Spain and Japan to now include India, Nigeria, Malaysia, and Ghana. The company plans to enter strategic emerging markets this year and will be working with EXIM again.
“Exim Bank provided the needed financial support and credit insurance. This helped us expand our export business by over 50% in the first year. With the support, we are able provide more favorable credit terms to foreign buyers who often prefer American made products.”
Richard I. Somiari PhD, President
For more information about EXIM programs and connecting with a minority & women-owned business (MWOB) specialist email us at firstname.lastname@example.org.