Where to get export help
Export Finance & Insurance Corporation (EFIC)
The businesses that approach the SME team at EFIC are those with a turnover of less than $150 million; many of our customers have turnover of considerably less than this. Our Structured Trade and Project Finance team assists larger, usually publicly listed, companies.
EFIC’s role is to provide finance or insurance to Australian companies that can’t get support from the commercial banks. So our clients are businesses who want to engage in export transactions or overseas expansion, but to whom the banks have said ‘no’. This can be for a range of reasons, for example, the business might not have enough assets to provide the security the bank wants, they might have a new product or service that the banks think is too untested, or they might want to export to a country for which the bank does not have any risk appetite. We don’t compete with the banks, but work closely with them.
EFIC can help companies throughout their export lifecycle. For example, they might come to us when they’re entering into an export contract and need to provide a performance bond to their overseas buyer. Or they might need more working capital to expand into another overseas market or to finance a contract with a new buyer. Here, an EFIC Headway working capital guarantee might be appropriate. We may also be able to help if the business is goes one step further to establish an overseas sales or support office.
The earlier EFIC is involved, the better. Exporters should approach EFIC as soon as possible when bidding for or negotiating a contract, especially if they think their bank won’t be able to help, or won’t be able to provide the full amount of support they need.
Visit EFIC at www.efic.gov.au or call 1800 093 724.
—Andrea Govaert, SME executive director at EFIC
Australian Chamber of Commerce and Industry (ACCI)
The Australian Chamber of Commerce and Industry and its members, the chambers of commerce and business associations around Australia, represent businesses at local, state and federal level. One of their primary trade roles is export documentation. “The chamber is one of the few organisations authorised by the government to issues certificates of origin, which are very important for overseas customs agencies,” says Nathan Backhouse, ACCI director of trade and international affairs.
The ACCI can leverage government and commercial relationships at a higher level than an individual business can, and its connection with international counterparts allows for activities such as business partner matching.
“The other end of the spectrum is industrial relations advice, policy advice, all the way to training and education. Our core function is lobbying given that we work on behalf of members,” lists Backhouse. He adds that businesses can access trade advice on everything from trade agreements to international compliance issues, and attend seminars on importing and exporting. “The most popular [request] is probably export documentation and export documentation advice, followed by broader trade advice, and then business matching and overseas trade visits and seminars.”
Visit www.acci.asn.au or call (02) 6273 2311.
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