New Small Business Loans to help North Coast Exports
Federal Member for Cowper Luke Hartsuyker has announced a new Small Business Export Loan available to North Coast small and medium enterprises looking to break into the export market.
“These Small Business Export Loans will make it easier for our North Coast small and medium businesses to access finance to enable them to capitalise on the opportunities the Coalition Government’s Free Trade Agreements have opened up,” Mr Hartsuyker said.
“The loans, provided by Australia’s export finance agency Efic, will improve approval speeds and provide much greater flexibility for local businesses seeking finance to export.
“The loan will be available to small exporters when their bank is unable to help. 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,” Mr Hartsuyker said.
The new loan facility is the first of its kind designed specifically for small exporters.
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.
Small businesses can apply via Efic’s online portal, EficDirect, in as little as 30 minutes and will receive an indicative offer immediately.
“The Small Business Export Loan and the Free Trade Agreement Portal are two new tools launched to help Cowper electorate businesses take full advantage of the Free Trade Agreements with the three north Asian powerhouse economies of China, Japan and South Korea.
“These landmark agreements are creating exciting opportunities for local businesses to grow and drive jobs and economic growth on the Mid and North Coast,” Mr Hartsuyker said.
The new FTA Portal provides free and accurate information on tariffs under the FTAs so small and medium businesses can easily work out how price competitive they will be.
Eligible exporters can commence the application process at http://eficdirect.gov.au/.
The FTA Portal is: https://ftaportal.dfat.gov.au/