Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, has provided working capital support to Urban Art Projects (UAP), the Brisbane-based exporter that won the contract to design and fabricate major sculptures for the main entrances to Shanghai World Expo 2010.
EFIC’s assistance was in the form of a working capital guarantee to ANZ, enabling the bank to lend an additional $300,000 to UAP to support the company’s expanding international operations.
EFIC’s guarantee, known as EFIC Headway, enables small and medium-sized enterprises like UAP to access additional working capital from their bank.
The EFIC-guaranteed funds are helping UAP move into new export markets and finance the delivery of major public art projects.
UAP has recently developed master plan art strategies for major property developments in the Middle East, including King Abdullah University of Science & Technology in Saudi Arabia and Sowwah Island in Abu Dhabi. The company has also opened a studio in Houston to complement its facilities in Los Angeles and Shanghai.
“EFIC Headway has helped to boost our cash flow as we continue to grow our presence in Asia, the Middle East and North America”, said Ben Tait, CEO of UAP.
“UAP is a dynamic and creative company and EFIC is assisting it to meet the financial challenges of export growth”, said EFIC’s Executive Director, SME, Andrea Govaert.
“Through our working capital guarantees such as EFIC Headway, we work with Australia’s leading banks to help SME exporters overcome working capital shortfalls and achieve further international success”, said Ms Govaert.
