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 Perth-based Rural Liquid Fertilisers Pty Ltd is using the innovative EFIC Headway facility to increase its liquid fertiliser exports to China.
The increasing sophistication of farming methods in China and the dietary expectations of a growing Chinese middle class represent significant export opportunities. “Previously foreign enterprises in China were conducted through local joint ventures but now it is possible to register a private company in your own right,” said Rural Liquid Fertilizers managing director, Ken Hancock. Rural Liquid Fertilisers has established a private company at Zhengzhou in Henan Province, in the north of China. This support from EFIC and Westpac will assist the company to achieve its aim of a three million litre increase in sales to China, where its fertiliser is being used in the cultivation of a wide range of crops including vegetables and grains. EFIC Headway is a financial guarantee from EFIC to a participating bank, designed especially for small to medium-sized exporters to overcome the common problem of limited access to working capital. “We first heard about EFIC Headway through the Chamber of Commerce and Industry in WA and talked to our bank about it,” Mr Hancock said. “EFIC’s support of our latest expansion has been essential because it has allowed us to raise additional working capital with minimal security. The EFIC Headway facility was easy to access, and without it, we could not have achieved the current rate of expansion of our business.”
Participating banks
Westpac, HSBC, ANZ, NAB, BankWest, Commonwealth Bank, Bank of Queensland, Bendigo Bank and St.George.
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