Trade Minister Simon Crean has announced the launch of a new website to help Australian small and medium-sized enterprises (SMEs) understand the export finance options available when exporting or investing offshore.
The ‘Export Finance Navigator’ (wwww.exportfinance.gov.au) is an independent source of information on export finance. It aims to assist current and potential exporters by sourcing a wide range of information on the financing alternatives available as they seek to grow their businesses through export and offshore opportunities.
Developed by Export Finance and Insurance Corporation (‘EFIC’), the Australian Government’s export credit agency, the online tool is a response to a recommendation of the 2008 ‘Review of Export Policies and Program’ (the ‘Mortimer Report’).
The website divides the exporter’s journey into six stages: preparing for export, finding markets, winning contracts, financing production, getting paid and expanding overseas. An exporter can easily identify which stage they’re at, and then find the export finance solutions available to them at that stage.
The website not only helps exporters to find out about the export finance tools provided in the commercial market, but also the grants and tax concessions available to exporters from federal, state and territory governments.
EFIC’s chief executive officer and managing director Angus Armour said: “Being better informed about their export finance options will help give Australian businesses operating in overseas markets a more solid financial foundation and contribute to their continued international success.”
“SME exporters frequently tell us that they’re not sure where to begin looking for information about export finance, and often they don’t know that government assistance is on hand. Export Finance Navigator gives them the starting point they need to learn about export finance.”
The launch of the Export Finance Navigator website will be followed by a series of workshops for exporters to be run jointly by EFIC and Austrade. The workshops will focus on the export finance solutions available at particular stages of an exporter’s journey.
The Mortimer Report commented that a common problem for new exporters and businesses investing overseas was a lack of understanding about the financial products available and where to obtain finance. The report identified a need for “an independent source of advice and information on export financing, including referrals to commercial service providers as well as to other sources of government financial assistance.”