Export Finance and Insurance Corporation (EFIC), the Australian government’s export credit agency, is helping SA’s South State Food & Beverage Pty Ltd (South State) to access additional working capital for new export opportunities in China and Taiwan.
The Adelaide-based manufacturer of “ready to drink” alcoholic beverages and food products already exports its products, including its flagship DNA Alcoholic Spring Water, around the world.
EFIC provided a working capital guarantee to Westpac, enabling the bank to lend additional funds to South State to help the company finance increases in the cost of packaging for markets in China and Taiwan.
EFIC’s guarantee, known as EFIC Headway, enables small and medium-sized exporters like South State to access additional working capital from their bank.
“It’s great to receive orders for our beverages in China and Taiwan, but it also means extra packaging and labelling costs for these markets, said Stephen Williams, managing director of South State.
“The additional funds available through EFIC Headway have helped us seize these new export opportunities and build on our existing Asian customer base in Japan, Korea and Singapore,” he said.
South State manufactures its brands in Adelaide, and under licence in Melbourne and Sydney as well as in the US, Europe and Asia.
Export Finance and Insurance Corporation
Ph: 02 9201 2276