New small business export loans launched

Finance will be quicker and easier to access for small business exporters following the launch of a new export loan by Australia’s export finance agency Efic.

Efic said its new Small Business Export Loan will improve convenience, increase approval speed and provide greater flexibility for Australian small businesses seeking finance to support export contracts.

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

Efic said it developed the Small Business Export Loan to meet the needs of small exporters, with a focus on convenience and speed throughout the application and approval process.

Small businesses can apply online via Efic’s online portal, EficDirect, in as little as 30 minutes and will receive an indicative offer immediately.

Businesses can then receive a formal approval within seven business days, after which funds can be available to draw on within as little as two business days.

Being unable to provide securable assets is a barrier many small businesses face when seeking to access finance for export, and Efic said when assessing loan applications, it will focus on the small exporter’s ability to service the loan, rather than the level of security available.

“This new loan facility is the first of its kind designed specifically for small exporters. Moving the application online through our portal, EficDirect, has allowed us to significantly reduce the cost and time needed for small businesses to apply for and access export finance. The whole process could take less than two weeks,” Efic managing director and CEO Andrew Hunter said.

“Our Small Business Export Loan offers Australian small businesses easier access to the finance they need to grow their export business without facing undue time and expense.”