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To address this issue, the Export, Finance and Insurance Corporation (EFIC) has launched EFIC Headway, a new financial product that will boost access to working capital for SME exporters by up to 20%.
What makes EFIC Headway unique is that major banks including Westpac, HSBC, ANZ, NAB, CBA and BankWest have signed on as distributors, meaning business owners will not have to change banks to have access to the product.
The product will help SME exporters who have reached their maximum loan capacity and need to extend their existing lending facilities with their bank. EFIC Headway is a guarantee for the additionally amount. Individual banks will determine eligibility for the product and then will recommend approval to EFIC.
EFIC Headway will be available for a wide range of SME exporters at a competitive price, with minimal documentation requirements and flexible three, six, nine and twelve month terms.
Deputy Prime Minister and Minister for Trade, Mark Vaile says “The product is one part of Australia’s co-ordinated trade strategy that seeks to maximise Australian exporters’ success in the global market. And this means less export opportunities lost to offshore competition due to working capital shortages.”
For more information: Call EFIC Headway on 1800 093 724
Or visit http://www.efic.gov.au/headway
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