none

EFIC opens export doors for leading tool maker

08-07-2013
by 
in 
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

  1. 09.10.2018
    09.10.2018
    by      In
    Integrated Office Solutions has an intriguing proposition for any company (manufacturing or otherwise) that is experiencing difficulties recruiting and retaining staff in roles that are not location dependant. Why not outsource the roles or set up a team in a country where skills are plentiful and... Read More
  2. 08.10.2018
    08.10.2018
    by      In
    The latest SME Growth Index from Scottish Pacific reveals that more businesses are in growth mode than at any time since March 2016. However, manufacturing SMEs are more negative about revenue growth. Just 46% of the manufacturing SMEs (with turnovers from $1 million to $20 million) are expecting... Read More
  3. 02.10.2018
    02.10.2018
    by      In
    Australia’s manufacturing sector has capped off a 24th consecutive month of growth with the Ai Group’s Australian PMI increasing to 59.0 in September. With all areas of activity continuing to grow and the new orders subindex reaching a six-month high of 62.6, the overall growth shows no signs of... Read More
  4. 07.09.2018
    07.09.2018
    by      In
    Fifteen companies from Victoria and South Australia have been named as recipients of almost $19 million worth of grants under the second and final phase of the government’s Advanced Manufacturing Growth Fund.
    The $47.5 million fund was set up in the 2017-18 Budget as part of a $100 million package... Read More