Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, has provided a financial guarantee to Garwood International’s bank, Westpac, to enable the bank to lend additional working capital funds to the exporter. EFIC’s financial guarantee, known as EFIC Headway, enables eligible small and medium-sized exporters like Garwood International to access additional working capital from their bank, without requiring further security.
Garwood have been experiencing strong demand from UK clients for their highly manoeuvrable, fuel-efficient compactors. Garwood's exporting business now accounts for about 40 per cent of it's total turnover.
From its Wetherill Park factory in Sydney’s west, Garwood International is manufacturing and supplying eight newly designed Dualpack compactors—with dual compartments for regular waste and recyclables—to North Tyneside Council in northern England. The contract value is A$1.3 million. The EFIC Headway working capital guarantee has helped them deal with cash flow constraints brought on by the long cash flow cycle for overseas clients.
Garwood International has also recently supplied a Dualpack compactor to the Verdant Group in the United Kingdom, and Welwyn Hatfield Borough Council, just north of London, has purchased the company’s smaller Bantam compactor.