Are you ready for the next step?
With a lower Australian dollar and a host of new trade agreements in place, many small businesses are considering expanding operations internationally to boost growth.
However, despite an apparently favourable export environment, many small to medium enterprises (SMEs) are still finding access to finance a key barrier. It’s this factor that ultimately prevents them from implementing export initiatives.
In February this year, Efic’s SME Exporter Index* found that, of the more than 500 small businesses surveyed, more than half expected greater difficulty in sourcing financing solutions for their export endeavours in the year ahead.
The survey also found that the smaller the business, the greater the difficulty accessing credit, with one in four SMEs reporting they’ve had new credit applications refused.
Andrew Watson, Executive Director of Export Finance at Efic, says “Our new Small Business Export Loan has been developed specifically to meet the needs of small businesses with a turnover of less than $5 million per annum.”
Getting financing secured quickly is often essential for export contracts so a key feature of the product is that it is approved in as little as 7 business days.
Applications can only be made online through EficDirect, Efic’s online application portal.
“Small businesses are often time-poor, and the online application process allows them to complete an application at a time that suits them,” says Andrew Watson.
Another key feature of the Small Business Export Loan is that it is unsecured, with the small business’s ability to repay the loan, rather than taking security, one of the aspects considered in the loan approval process.
In addition to this, applying businesses will (amongst other things) need to show that they are unable to secure funding through their bank, and that the export product meets Australian content criteria.
“At Efic, our objective is to help small businesses achieve export success“ says Andrew Watson.
“We are confident that our new Small Business Export Loan will address some of the ‘access to finance’ issues that SMEs encounter today, and ultimately enable them to take on the world.”
Special launch offer
As a special launch offer, Efic will waiver the $1000 credit assessment fee for the first 25 applicants who successfully complete a Small Business Loan application via EficDirect.
To find out more Ph: 1800 093 724 or visit: EficDirect
*Efic’s SME Exporter Index, February 2016