Small businesses will find it easier and quicker to access the finance they need to support their products and services exports, with the new Small Business Export Loan recently launched by Efic, Australia’s export finance agency.
Efic believes the Small Business Export Loan will improve convenience, increase approval speed and provide greater flexibility for Australian small businesses seeking finance to support export contracts.
The loan product will enable 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.
The Small Business Export Loan has been developed to meet the needs of small exporters, with a focus on convenience and speed throughout the application and approval process.
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, after which funds can be available to draw on within as little as two business days.
Who can access the Small Business Export Loan?
In assessing loan applications, Efic will focus on the small exporter’s ability to service the loan, rather than the level of security available. Being unable to provide securable assets is a barrier many small businesses face when seeking to access finance for export.
The Small Business Export Loan is consistent with the Government’s focus on Efic helping more Australian SMEs, particularly smaller SMEs, by reducing red tape and costs for SME exporters looking to access finance. The new product will increase the number of SMEs, particularly smaller businesses, which can now access Efic’s services.
“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.
“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.”
“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.”