Australia’s Number 1 Manufacturing & Industrial Equipment Magazine & Directory
EFIC opens export doors for leading tool maker
Business & Finance
If you’re a fast-growing small-to-medium sized exporter ensuring you have enough working capital to keep up with your business growth can be an ongoing challenge.
You may find that you're short of funds to deliver on a large new export contract or you may be winning contracts that means your export business grows faster than expected.
This was the case for Melbourne based specialist manufacturer of CNC tool grinders, ANCA.
ANCA designs and manufactures its own software and major components enabling it to provide flexible solutions to customers.
Key industries the company supplies to include tool manufacturers, medical, automotive, electronics, aerospace and woodwork.
ANCA began exporting in 1986 and has won key export awards including the Australian Exporter of the Year and has a range of high-profile customers including Rolls Royce, Johnson & Johnson, Boeing and Sutton Tools.
Upon recently winning a new supply contract with a Chinese global organisation headquartered in Hong Kong, ANCA needed working capital assistance in order to finance fulfillment of the contract.
Due to the high value of the export contract, ANCA sought the assistance of EFIC to secure finance in order to complete the deal.
As the Australian Government’s export credit agency, EFIC helps Australian-based businesses to win and finance export, offshore investment and onshore export-related opportunities when their bank is unable to provide all the support they need.
We work directly with businesses and their banks to provide loans, guarantees, bonds and insurance products which can be tailored to meet the needs of both large and small enterprises.
EFIC provided ANCA’s bank, HSBC, with a $A4 million Export Working Capital Guarantee (EWCG) to help fund the supply and purchase agreement.
EFIC’s support meant that ANCA was able to finance the new contract in Hong Kong and also secure additional export transactions
Related news & editorials
30.03.2017by Industry Update In Business & FinanceOne of the first businesses to take advantage of the CSIRO Kick-Start fund is using its grant to study the feasibility of switching its off-road vehicles to electric. Tomcar Australia is aiming to produce the nation's first production electric vehicle.
CSIRO Kick-Start offers dollar-matched funding... Read More
14.03.2017by Industry Update In Business & FinanceDale Mackney from Bluewell Insurance Brokers explains the cover you need to explore in a changing legal environment.
It used to be, back in the day, that when it came time to buy manufacturing insurance, all you would do is get public liability insurance and contents insurance to cover your... Read More
13.03.2017by Industry Update In Business & FinanceMore than half of Australia’s SME-scale exporters are expecting increases in revenue over the next 12 months. This optimistic picture has emerged from the biannual Efic Exporter Sentiment Index released last week.
The report shows that 57% of Australian exporting SMEs believe they are in a better... Read More
27.02.2017by Laurence Marchini In Business & FinanceAmidst all the speculation of the impending erection of trade barriers by a newly protectionist USA, last week saw an important landmark in facilitating international trade with the coming into force of the World Trade Organisation’s Trade Facilitation Agreement (TFA).
The agreement, which came out... Read More