ANZ and the Export Finance and Insurance Corporation (EFIC) have signed a new agreement to assist Australian exporters with financing requirements.
The Master Working Capital Guarantee Facility agreement will support ANZ’s exporter clients with their overseas contracts and with the investments and subsidiaries that require incremental finance to fill orders.
The agreement offers continued support to the export needs of SMBs, according to ANZ Global Head of Trade & Supply Chain Mark Evans.
“This working capital guarantee supports financing requirements before and after shipment across a wide range of industries covering both goods and certain services. The guarantee facility will assist small-to-medium-sized businesses with their export finance needs and reflects ANZ’s commitment to connecting customers across multiple markets under the bank’s super-regional growth strategy,” says Mr Evans.
The EFIC, Australia’s export credit agency, will provide the working capital needed for Australian exporters to finance their large export contracts and keep expanding their businesses, according to EFIC’s Executive Director, SME, Andrea Govaert.
“One of the most difficult obstacles for fast-growing small-to-medium-sized exporters is finding the working capital to deliver on their international sales contracts. For example, they may be short of funds to hire more staff, buy raw materials, manufacture their product for export or send their goods or services to the buyer,” states Ms Govaert.