Brokers will be offered another funding option for SME clients, with the announcement of the first non-bank lender to be approved by the Federal Government's export credit agency.
Traditionally, the government’s export credit agency, Efic has partnered with the major banks to encourage Australia's export industry. But now, Australian small to medium sized businesses involved in exporting or supplying in to export projects have a new financing option, with the announcement that Scottish Pacific has been approved as a partner.
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.
“Being able to work closely with Scottish Pacific will allow us to help even more SMEs receive the finance they need to succeed overseas,” said Andrew Hunter, Efic’s Managing Director and CEO.
Scottish Pacific CEO Peter Langham said Efic's approval of Scottish Pacific will provide brokers and their SME clients with more options.
“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,” he said.
“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.
“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.”
This new announcement now makes Scottish Pacific the only specialist working capital provider with the ability to support businesses across the whole supply chain, according to Langham.
“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,” he said.
“We are now helping in all areas of the working capital cycle, for businesses with borrowing requirements from $10,000 up to $30 million.”
