Export Finance and Insurance Corporation (EFIC) and HSBC Bank Australia has together signed a Master Working Capital Guarantee Facility in order to help Australian exporters gain access to additional working capital to finance export contracts.
“Export customers with plans to establish and grow offshore markets for their products and services need access to working capital finance,” says Andrew Skinner, Head of Trade and Supply Chain at HSBC.
“The new arrangement with EFIC will enable HSBC to further assist our customers with their export finance requirements.”
In this partnership, EFIC can provide a guarantee to HSBC, which then allows the bank to lend their export customers the additional working capital they need to finance their international sale contracts.
“As the Australian Government‟s export credit agency, we can provide financial support to exporters in a variety of ways to suit the specific business requirements,” says Alex Fernandez, EFIC’s Head of Alliance and Product, SME and Mid-Market.
“This arrangement with HSBC can help Australian businesses to finance their export contracts and keep growing their businesses internationally.”
Fernandez explains how this partnership with HSBC is another way EFIC can support Australian businesses grow their export trade.