Financial support to help Australian exporters bounce back
Australian exporters impacted by the COVID-19 crisis will now have access to business-saving loans between $250,000 and $50 million under a new $500 million capital facility to be administered by Export Finance Australia.
The new COVID-19 Export Capital Facility will target loans to established and previously profitable exporters who, due to COVID-19, are unable to gain
finance from commercial sources.
Under this scheme, the Government will guarantee 50 per cent of new loans issued by eligible lenders to SME up to $250,000.
Who is eligible for support?
- Have been trading for at least two years
- Have had profitable operations in either of the two financial years prior to markets being impacted by COVID-19
- Are unable to secure finance from the private market because of COVID-19
- Have an annual turnover of at least $250,000
What can the Facility be used for?
- Working capital support – to finance against supplier invoices or international purchase orders
- Capital investment – to purchase new equipment and expand your export operations
- International expansion – to establish or grow your business operations overseas
- Online growth – to invest in eCommerce and grow your sales to international customers
How long will I have to repay?
- Up to two years for loans and three years for guarantees and bonds.
How much finance can I receive?
- Eligible applicants can access between $250,000 and $50 million.
What is the interest rate?
What information will I need to supply?
- Historical financial statements demonstrating profitable operations prior to COVID-19
- A business plan (or similar evidence) describing your strategy to export or contribute to an export supply chain
- A financial forecast demonstrating an ability to meet repayments which could include repayment sources other than cashflow (e.g. refinancing)
- Anti-money laundering and counterterrorism financing
- Environmental and social risks
- Relevant international obligations
How long will it take to receive finance?
In addition to the COVID-19 Export Capital Facility, Export Finance Australia will also provide assistance to its existing customers through access to credit and financial relief.