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