ANZ and EFIC Sign Agreement to Help Australian Exporters Access Working Capital Finance
ANZ and the Export Finance and Insurance Corporation (EFIC) have announced that they have signed a Master Working Capital Guarantee Facility agreement to assist Australian exporters with financing requirements.
The agreement will support ANZ’s exporter clients with overseas contracts and/or investments and subsidiaries who require incremental finance to fill orders.
ANZ global head of trade & supply chain, Mark Evans, said: “This working capital guarantee supports financing requirements before and after shipment across a wide range of industries covering both goods and certain services. The guarantee facility will assist small-to-medium-sized businesses with their export finance needs and reflects ANZ’s commitment to connecting customers across multiple markets under the bank’s super-regional growth strategy.”
EFIC, which is Australia’s export credit agency, and ANZ enjoy a long history of supporting Australian exporters across all market segments.
EFIC’s executive director, SME, Andrea Govaert said: “One of the most difficult obstacles for fast-growing small-to-medium-sized exporters is finding the working capital to deliver on their international sales contracts. For example, they may be short of funds to hire more staff, buy raw materials, manufacture their product for export or send their goods or services to the buyer.
“Guarantees issued under the agreement with ANZ will give Australian exporters access to working capital to finance their large export contracts and keep expanding their businesses,” Govaert said.