Recently I attended a presentation by the Export Finance & Insurance Corporation (EFIC – www.efic.gov.au) – a government body set up decades ago by the Australian Government to assist exporters. EFIC’s role has always been to help provide the exporter with financial guarantees, insurance and other financial assistance that often falls through the cracks for Australian banks, because the usual securities relied upon by local banks (i.e. local assets) are not part of export transactions.
Of particular interest is EFIC’s more recent focus on assisting SME’s develop their export market opportunities. EFIC has recently launched their Small Business Export Loan (details of which are here: http://www.efic.gov.au/business-solutions/small-to-medium-sized-business/small-business-export-loan/) In brief it is a short-term (up to 12 months) unsecured loan to be used to finance a single specific export contract or purchase order for the exporter of goods or services from Australia. The loan can be for AUD 50,000 – 250,000.
Franke Hyland will be endeavouring to enlist a representative from EFIC in the next few weeks to spread the word on this facility to our clients and guests at one of our breakfast briefings, so please look out for that invitation if you are interested!
by Adam Hyland