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New agreement provides support for local exporters

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A new international agreement announced by the Australian Government will see more support offered to local SMEs. The agreement, made between online foreign exchange business, OzForex and the Australian Government’s Export Credit Agency, Export Finance and Insurance Corporation (EFIC), will make businesses eligible for more assistance when managing their exposure during volatile currency markets. EFIC’s executive director SME and mid market, Andrea Govaert, believes the new partnership is another way EFIC can work with the commercial market to support SMEs in their export growth. "EFIC works with SMEs that have all the ingredients for export success - innovation, drive and professionalism - but they are often restricted by the amount of collateral they can offer to underpin the growth of their business," she said. Under the new deal, EFIC will offer a guarantee of up to $250,000 per eligible exporting customer, enabling OzForex to provide Australian exporters with higher limits of foreign exchange hedging, ensuring exchange rates are not influenced by inflation and potential profits are protected against any unexpected changes in the market. With no extra charges or additional security faced by SMEs, under the guarantee businesses can remain rest assured they will have have financial support throughout possible economic uncertainty. OzForex CEO, Neil Helm has welcomed the new arrangement with EFIC: "We are very pleased to work with EFIC to help our clients to focus on growing their business without having to worry about the risks of international trade and protect their export business due to events beyond their control," he said.

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