The Deputy Prime Minister and the Member for New England Barnaby Joyce said small and medium enterprises in the New England Electorate looking to export will find it easier to access finance thanks to the Small Business Export Loan.
Mr Joyce 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 businesses take full advantage of the free trade agreements with the three north Asian powerhouse economies of China, Japan and South Korea,” he said.
“These landmark agreements are creating exciting opportunities for local businesses to grow. The Coalition is committed to supporting them with tools such as the export loan to drive jobs and growth in the New England Electorate.”
Mr Joyce 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,” he said.
Small businesses can apply via Efic’s online portal, EficDirect, in as little as 30 minutes and will receive an indicative offer immediately.
Mr Joyce said in assessing loan applications, Efic will focus on the ability to service the loan, rather than the level of security available.
“This will overcome the barrier of being unable to provide tangible security that many small and medium businesses face when seeking to access finance for export,” he said.
The new loan facility is the first of its kind designed specifically for small exporters.
“The opportunities for New England Electorate businesses to export have never been better,” Mr Joyce said.
Eligible exporters can commence the application process at http://eficdirect.gov.au/