The Senate has passed the Government’s amendments to the Efic Act to provide us with greater lending flexibility, allowing us to better support small and medium-sized Australian exporters.
These changes allow us to lend directly for the export of all types of goods, not just ‘capital goods’.
This new flexibility is consistent with the Government’s focus on us helping more Australian SMEs, through reducing red tape and the costs associated with accessing our services.
No change to our ‘market gap’ mandate
While we now have a greater ability to lend directly, we will not be replacing the normal banking relationship that your clients have with their bank.
We will continue to operate in the ‘market gap’, providing specific business solutions only when your clients are otherwise unable to obtain the finance they need to support a specific export contract or purchase order.
As with all of your clients that we support, our aim is that they grow to the point where their bank can approve the finance they need as their business grows.
It’s business as usual
We will shortly be launching a product that reflects these changes, which will be another finance option for you to help your clients receive the finance they need.