Friday, Feb. 24, 2017

Efic's new lending flexibility

By Export Council of Australia · March 19, 2015

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The Senate has passed the Government’s amendments to the Efic Act to provide Efic with greater lending flexibility, allowing Efic to better support small and medium-sized Australian exporters.

Cathie Burrows, Director, SME, Alliances & Advisors said how these changes will allow Efic to lend directly for the export of all types of goods, not just ‘capital goods’.

“This new flexibility is consistent with the Government’s focus on us helping more Australian SMEs, through reducing red tape and the costs associated with accessing our services” she said.

“While we now have a greater ability to lend directly, we will not be replacing the normal banking relationship that your clients have with their bank” Burrows said, adding “We will continue to operate in the ‘market gap’, providing specific business solutions only when your clients are otherwise unable to obtain the finance they need to support a specific export contract or purchase order.”

As with all clients that Efic supports, their aim is that they grow to the point where their bank can approve the finance they need as their business grows.

“We will shortly be launching a product that reflects these changes, which will be another finance option for you to help your clients receive the finance they need” Burrows concluded.

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