One of the most common problems for SMEs is funding growth. Once export comes into the equation, financing requirements become even more important and many businesses need support to enable them to fulfil their export and export-related contracts. Help is available from a number of sources:
Consider your options.
When a contract comes in, think carefully about how you could fund it without entering into risky debt or putting a strain on cashflow – even your own client or suppliers might be able to help you.
Speak to your bank.
Speak to your business banker who can assess your situation and advise you on your best course of action. Your bank may be able to offer you a secure loan or commercial bill facility to help you with financing your exports.
Think about alternative sources of funding.
If your bank is unable to help, Efic, Australia’s export finance agency, may be able to. Efic can provide financial support to SME exporters, or SMEs involved in an export-related supply chain, in the form of loans, guarantees and bonds to support specific export contracts.
Hear from some of the panellists at our recent SME Briefings on how they approach accessing finance for export.