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Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, is helping Victorian manufacturer Footcare International to access additional funds to expand its overseas sales of insoles, foot comfort products and shoe laces.
Footcare, located at Kilsyth in Melbourne’s east, has been increasing its export activities in Asia, the United States, the Middle East, India and Europe.
EFIC provided a working capital guarantee to ANZ, enabling the bank to lend an extra $300,000 to Footcare to help finance the company’s strong export growth.
EFIC’s guarantee, known as EFIC Headway, enables small and medium-sized exporters like Footcare to access additional working capital from their bank without requiring further security.
“Our sales have been growing strongly in a range of overseas markets and we needed extra working capital to keep up with international demand for our products”, said Barry Kearney, Footcare’s managing director.
“The working capital assistance from EFIC and ANZ is helping us achieve our aim to become the world’s number one manufacturer and distributor of insoles and foot comfort products”, said Kearney.
Footcare’s main export customer is A.S. Watson, a Hong Kong-based retail group with outlets across Asia and Europe.