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It is now easier for small businesses to access finance to export their products as the Federal Government has launched a new loan program.
The Small Business Export Loan is the first of its kind and Efic, Australia’s export finance agency, believes that it will improve convenience, increase approval speed and provide greater flexibility for Australian small businesses seeking finance to support export contracts.
The loan will enable SMBs that have been in operation for at least two years and bank between $250,000 and $5 million annually to access up to $250,000 to support an export contract.
With convenience and efficiency at the forefront, small businesses can apply for the loan in around 30 minutes using Efic’s online portal, EficDirect, and will be notified of the outcome immediately. Formal approval is given in the following week and businesses then receive funds within a few days.
“This new loan facility is the first of its kind designed specifically for small exporters. Moving the application online through our portal, EficDirect, 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,” said Andrew Hunter, Managing Director & CEO, Efic.
The loan reflects the Government’s focus on Efic helping more Australian SMBs, by reducing red tape and costs for SMB exporters looking to access finance.
“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,” said Hunter.
Agricultural businesses will be the greatest to benefit from the loan as they typically have greater difficulty accessing credit for exports from bank.
The Turnbull Government wants the loans to help businesses overcome barriers to take full advantage of the free trade agreements with the China, Japan and South Korea.