New export loan for Pearce small businesses

Pearce small and medium sized enterprises looking to export will find it easier to access finance thanks to the Small Business Export Loan.

Federal Member for Pearce, Christian Porter, said the Small Business Export Loan – provided by Australia’s export finance agency, Efic – will improve convenience, increase approval speed and provide greater flexibility for local businesses seeking finance to export.

“The Small Business Export Loan is the latest tool from the Coalition Government to help Pearce businesses take full advantage of the free trade agreements with the three north Asian powerhouse economies of China, Japan and South Korea,” Mr Porter said.

Mr Porter said the loan product enables small and medium sized businesses with annual revenue between $250,000 and $5 million to access up to $250,000 to support an export contract.
“The loan will be available to small exporters when their bank is unable to help,” Mr Porter said.

Small businesses can apply via Efic’s online portal, EficDirect, in as little as 30 minutes and will receive an indicative offer immediately.  In assessing loan applications Efic will focus on the ability to service the loan rather than the level of security available which alleviate the need to provide tangible security which many businesses of this size face when seeking to access finance for export.

“The new loan facility is the first of its kind designed specifically for small exporters,” Mr Porter said.

“The free trade agreements are creating exciting opportunities for local businesses to grow and the Coalition is committed to supporting this growth with initiatives such as the new FTA Portal and now the Small Business Export Loan.”

More information can be found at http://www.efic.gov.au/business-solutions/small-to-medium-sized-business/small-business-export-loan/