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EFIC NOW HAS A NEW FUNDING OPTION FOR AUSTRALIAN EXPORTERS

07-07-2015
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Australian small to medium sized businesses involved in exporting or supplying in to export projects now have a new financing option.

For the first time, a non-bank lender, Scottish Pacific, a leading national working capital provider, has been approved to partner with the Federal Government's export credit agency, Efic.

Traditionally, Efic has partnered with the major banks to encourage Australia's export industry.

While this will continue to be the case the new arrangement with Scottish Pacific, it will enable them to offer solutions to a wider range of businesses.

Mr Peter Langham, Scottish Pacific CEO (pictured left), signed the new agreement yesterday with Craig Michie, head of Trade Finance, Scottish Pacific Business Finance (centre) and Andrew Hunter, Efic CEO & Managing Director.

Efic supports Australia's export industry by guaranteeing commercial finance facilities taken out by Australian companies exporting or operating in the export supply chains, helping them to expand their businesses overseas and to source opportunities in emerging and frontier markets.

“Being able to work closely with Scottish Pacific will allow us to help even more SMEs receive the finance they need to succeed overseas,” said Andrew Hunter, Efic’s Managing Director and CEO.

Scottish Pacific CEO Peter Langham said Efic's approval of Scottish Pacific was another example of government support for small business, on the back of the initiatives in the recent Federal Budget.

"We are delighted to be the first non-bank lender to be approved for this type of arrangement with Efic, it is great recognition for Scottish Pacific and our growing product suite that supports Australian businesses engaged in international trade," Mr Langham said.

"This initiative will certainly help SMEs looking to export.

"There is a domestic supply chain which supports the major exporters, however it's not always easy for smaller businesses operating in this space to access working capital.

"It’s a great opportunity for Scottish Pacific to be able to provide additional working capital support to SME businesses looking to access international markets."

Mr Langham said Australian based SMEs were increasingly creating opportunities to sell their products and services into overseas markets, and this was stimulating demand for additional working capital solutions.

"Through our export finance facilities, Scottish Pacific can provide funding against invoices raised on overseas customers, making it easier to trade on open account terms.

"Exporters also benefit from the international trade support we can provide from our specialist Trade Finance team," Mr Langham said.

He said Scottish Pacific was the only specialist working capital provider with the ability to support businesses across the whole supply chain.

"With trade finance we can procure goods for our client, with selective invoice finance we provide short-term funding solutions and our traditional debtor finance meets the long-term working capital requirements," Mr Langham said.

“We are now helping in all areas of the working capital cycle, for businesses with borrowing requirements from $10,000 up to $30 million.”

With more than 1000 clients in industries including transport, manufacturing, wholesale, import, labour hire and printing, Scottish Pacific handles more than $6 billion of invoices each year, providing funding lines exceeding $500 million.

www.scottishpacific.com

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