EFIC helped with a working capital guarantee
Tasmanian company Compact Designs, a designer and manufacturer of accessories for espresso machines, reached a new level of international success when it concluded an export contract with Whirlpool Corporation’s KitchenAid brand.
The company, established in 2002 by husband and wife team Manfred and Clare Jokuszies, needed additional working capital funds to fulfil the sizeable KitchenAid contract.
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, provided a guarantee to Compact Designs’ bank, Bank of Queensland, to help the company fund its export growth.
A guarantee from EFIC enables eligible SME exporters to access additional working capital from their bank to help their export business grow.
Compact Designs’ innovative product, the ‘knock tube’, is the key to the company’s export success. The knock tube came about when Mr Jokuszies began to search for a more efficient way to dispose of spent coffee grinds.
It took a number of prototypes before he came up with the design for a self-standing knock tube that would make it easy for baristas—amateurs and professionals alike—to discard used coffee grinds.
The global passion for espresso coffee has helped make Compact Designs an export success. Its products are manufactured locally at George Town, near Launceston.
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