The funding options for Australia's small to medium sized businesses involved in exporting or supplying in to export projects have broadened this week, with Scottish Pacific becoming the first non-bank to receive approval to partner with the Federal Government's export credit agency, Efic.
Australian based SMEs are increasingly creating opportunities to sell their products and services into overseas markets, and this has stimulated demand for additional working capital solutions.
Traditionally, Efic has partnered with the major banks to encourage Australia's export industry.
While this will continue to be the case the new arrangement with Scottish Pacific, the first non-bank to be approved by the agency, will enable Efic to offer solutions to a wider range of businesses.
Efic supports Australia's export industry by guaranteeing commercial finance facilities taken out by Australian companies exporting or operating in the export supply chains, helping them to expand their businesses overseas and to source opportunities in emerging and frontier markets.
It is anticipated that the agreement between Efic and Scottish Pacific, a national working capital solutions specialist with a 27 year history of funding SME growth in Australia, will help even more SMEs receive the finance they need to succeed overseas.
Efic's approval of Scottish Pacific is one of many recent government initiatives to support for small business.
Efic has recently released a free eBook with information and advice on what Australian SMEs need to think about when managing and accessing finance for export and export-related contracts. It's well worth a look for SMEs considering exporting http://www.efic.gov.au/education-and-tools/sme-information-series/export-related-finance/.
There is a domestic supply chain which supports the major exporters, however it's not always easy for smaller businesses operating in this space to access working capital.
From Scottish Pacific's perspective, we are delighted to be the first non-bank lender to be approved for this type of arrangement with Efic.
It is great recognition for Scottish Pacific and our growing product suite that supports Australian businesses engaged in international trade, and the initiative will certainly help SMEs looking to export.
It’s a great opportunity for Scottish Pacific to be able to provide additional working capital support to SME businesses looking to access international markets.
Scottish Pacific is the only specialist working capital provider with the ability to support businesses across the whole supply chain.
With trade finance we can procure goods for our client, with selective invoice finance we provide short-term funding solutions and our traditional debtor finance meets the long-term working capital requirements.
We are now helping in all areas of the working capital cycle, for businesses with borrowing requirements from $10,000 up to $30 million.
For more information on export funding from Scottish Pacific and Efic, please contact Chris Bhagwan on 1300 332 867.
About Peter Langham
Peter Langham is CEO of national working capital solutions specialist Scottish Pacific Business Finance, which handles more than $6 billion of invoices each year, providing working capital facilities exceeding $500 million for Australian SMEs and startups.www.scottishpacific.com
About Scottish Pacific www.scottishpacific.com
Scottish Pacific Business Finance Pty Ltd provides working capital solutions to SMEs, offering the broadest range of trade and debtor finance solutions in Australasia. With more than 1000 clients in industries including transport, manufacturing, wholesale, import, labour hire and printing, Scottish Pacific handles more than $6 billion of invoices each year, providing funding lines exceeding $500 million. Established in 1988, Scottish Pacific has full operations centres in Sydney, Melbourne, Perth, Brisbane, Auckland, London and China. Scottish Pacific was awarded 2015 and 2014 Best Cash Flow Lender by broker publication The Adviser, as voted by brokers, in their annual Non-Bank Lending Awards.
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