COVID-19 has drastically affected the economy. The businesses that solely focus on transport are the ones that are suffering a lot. Exporters and Importers are unable to conduct business because of the transport restrictions. In such a situation, it is hard for export companies to get by.
Australia’s export credit agency (ECA), Export Finance Australia has come ahead to help the exporters. It revealed that it has a new A$500mn capital facility available to exporters. This capital will ease the dire financial conditions of the export companies. Click here to know more about the benefits and how you can avail them.
ECA mentioned that export companies would be able to get finance of the amount of A$250,000 to A$50mn under the scheme. But the scheme will only apply to companies that were established and previously successful. Exporters are failing to get finance. That’s why the EXW has come to their rescue.
There have been disruptions to supply chains and loss of markets. That’s why exporters are unable to get commercial finance. Nobody is ready to invest in a sinking market. However, ECA has taken this step to help the export sector to go through the crisis and help people keep their jobs.
Export companies can use capital support by ECA for investment, international expansion, and online growth. It can also be used for promoting ecommerce and Boosting global sales online.
For availing the finance, the firms must meet a few conditions. They must have an annual turnover of at least A$250,000. Another requirement is they must have been trading for a minimum of two years. If a firm meets these needs, it is eligible for finance.