Even more SMEs able to receive finance for export with Scottish Pacific
(26 June 2015 – Australia) Scottish Pacific has become the first non-bank lender to be approved by the Australian Federal Government’s export credit agency, Efic.
This will provide a new funding option for small to medium sized (SMEs) businesses involved in exporting or supplying export projects.
Traditionally, Efic has partnered with the major banks to encourage Australia's export industry.
While this will continue to be the case the new arrangement with Scottish Pacific, the first non-bank to be approved by the agency, will enable them to offer solutions to a wider range of businesses.
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 chief executive.
Scottish Pacific chief executive Peter Langham said Efic's approval of Scottish Pacific was another example of government support for small business, on the back of the initiatives in the recent Federal Budget.
"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," Langham said.
"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."
Langham said Australian based SMEs were increasingly creating opportunities to sell their products and services into overseas markets, and this was stimulating demand for additional working capital solutions.
"Through our export finance facilities, Scottish Pacific can provide funding against invoices raised on overseas customers, making it easier to trade on open account terms.
“Exporters also benefit from the international trade support we can provide from our specialist Trade Finance team," Langham said.
He said Scottish Pacific was the only specialist working capital provider with the ability to support businesses across the whole supply chain.
"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."
“We are now helping in all areas of the working capital cycle, for businesses with borrowing requirements from A$10,000 up to A$30 million,” said Langham.
Subscribe