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Small and medium exporting businesses set to benefit

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Small and Medium Sized Enterprises (SME’s) involved in exporting have been given a boost with Travelex Global Business Payments announcing a doubling of foreign exchange trading lines. Working in collaboration with Export Finance and Insurance Corporation (EFIC), Travelex is now able to offer eligible SME exporters access to additional hedging facilities with a face value of up to $2 million without the need for a deposit. The increased limits have been made possible through the expansion of EFIC’s foreign exchange facility guarantee which was created with Travelex in March 2010. Andrea Govaert, EFIC’s executive director SME and Mid Market, said the partnership between EFIC and Travelex is all about helping SME’s. "Our work with Travelex is another way we can work in the commercial market to support SME’s in their export growth," she said. Simon Glendenning, general manager Mid Market at Travelex Global Business Payments, said the increased limits are targeted at supporting SME’s with an annual turnover of less than $10 million. "While many providers have been reducing credit lines for small businesses in the last 12 months, Travelex recognises that now, more than ever, SME exporters need the ability to hedge their sales," he said. "We are giving SME exporters greater flexibility with their hedging arrangements, providing certainty over the value of their invoices and their profitability over the long term."

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