EFIC helped Urban Art Projects with a working capital guarantee
Urban Art Projects (UAP), a Brisbane-based company that designs, fabricates and installs site-specific artworks and custom street furniture, was experiencing rapid growth in its niche export markets.
The company won the contract to design and fabricate major sculptures for the main entrances to Shanghai World Expo 2010.
UAP also won a major project to design and install public art – including a striking 60-metre beacon – at the new King Abdullah University of Science and Technology near Jeddah in Saudi Arabia.
In addition, UAP received a commission from the Jeddah Development and Urban Regeneration Company to develop an art master plan for the city’s streetscape. The company had also opened a new studio in Houston to complement its international offices in Los Angeles and Shanghai.
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, provided a guarantee to ANZ, enabling the bank to lend an additional $300,000 to UAP to support the company’s growing international operations.
A guarantee from EFIC enables eligible SME exporters to access additional working capital from their bank to help their export business grow.
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