Small business accesses on-going support for continued export growth

Australian exporter Planet Lighting has secured a second contract for the Dubai Metro thanks to an advance payment guarantee backed by the Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency,

Planet Lighting has started work on its second contract worth approximately USD$1m to supply lighting features to the new Dubai Metro.

EFIC is providing the guarantee to Planet Lighting’s local bank, which is in turn providing an advance payment guarantee of USD$92,000 to support Planet Lighting’s obligations under their contract.

“EFIC’s ability to support us with an advance payment bond made all the difference in winning this second contract, and it will ensure we have the cash flow to continue to grow our export business,” said Planet Lighting’s CEO, Brett Iggulden.

“We are delighted that EFIC is continuing to support our export growth,” said Brett Iggulden.

EFIC’s managing director, Angus Armour said: “This is the second guarantee we have issued in support of Planet Lighting’s contracts for the Dubai Metro project.

“This arrangement demonstrates EFIC's ability to assist Australian exporters - small and large - by freeing up working capital and allowing them to compete more effectively and confidently in global markets.

“Despite current market conditions, EFIC is most definitely “open for business” and ready to help Australian exporters with a strong business plan in proven export markets.”