Efic, Australia’s export finance agency, has launched a new small business export loan to make it easier for small businesses to access finance to support their products and services exports.
The loan will allow small and medium sized businesses with an annual revenue between $250,000 and $5 million to access up to $250,000 to support an export contract. The loan will be available to small exporters when their main bank is unable to help.
Small businesses can apply online via Efic’s online portal, EficDirect, in as little as 30 minutes and will receive an indicative offer immediately. Businesses can then receive a formal approval within seven business days, then funds can be available to draw on within two business days.
Andrew Hunter, Managing Director and CEO of Efic said “our Small Business Export Loan offers Australian small businesses easier access to the finance they need to grow their export business without facing undue time and expense.”
In assessing loan applications, Efic will focus on the small exporter’s ability to service the loan, rather than the level of security available.
“This new loan facility is the first of its kind designed specifically for small exporters. Moving the application online has allowed us to significantly reduce the cost and time needed for small businesses to apply for and access export finance. The whole process could take less than two weeks.
“This is another example of how Efic is supporting small businesses to achieve export success. Small businesses are the heartbeat of the Australian economy, and Efic’s new loan facility will make it easier for small businesses to compete on a world stage.”