Export Finance Insurance Corporation (EFIC)

Grant Information

When you’re competing for international contracts, a finance package that enables your overseas buyer to purchase your goods and services can be a critical factor in your success. The ability to offer your buyer finance supported by an export finance guarantee from EFIC can give you an edge by complementing your technical capability with a comprehensive buyer finance package. In addition, the loan disbursements that you receive from the bank provide working capital, which you can use to finance your export production.

EFIC finance packages :

  • Enhance your ability to win contracts by providing finance to your buyer.
  • Help to ensure you don’t lose business to a competitor who can offer buyer finance.
  • This can make your buyer finance offer more competitive, as the guarantee may enable the bank to offer a loan of up to 100% of the contract value.
  • Can help you finance your contract, as the loan disbursements provide working capital.
  • The guarantee may be denominated in your buyer’s local currency.

The process involves the following steps:

Step 1You enter into an export contract with your overseas buyer.
Step 2Your buyer enters into a loan agreement with a bank acceptable to EFIC.
Step 3EFIC issues a guarantee and indemnity to the bank for the repayment obligations of your buyer under the loan agreement.
Step 4The bank pays you by your buyer’s instructions when you fulfil your export contract obligations.
Step 5Your buyer repays the bank by the terms of the loan agreement.

You should be an Australian exporter producing capital goods or services for export which have substantial Australian content. Generally, finance is limited to 85% of the export contract value with the loan repayment available for a period of up to 18 years. No security is required from the Australian exporter.

The process involves the following steps:

  • Register your Australian Business Number with Customs or obtain a Customs Client Identifier (CCID);
  • Obtain an Export Declaration Number (EDN) for every line on the Claim for Drawback; and
  • Provide your bank details when completing the drawback claim form or lodging electronically into the Integrated Cargo System.

Eligibility is limited to Australian-based enterprises that:

Duty Drawback Scheme
Export Market Development Grants (EMDG)
Venture Capital Limited Partnerships Program (VCLP)

More Information

The Australian government grant programs are always being changed and updated so it can be difficult for a busy business manager to keep track of what is available. The professionals at Pattens Group are familiar with all of the 700+ grants that are currently being offered and what it takes for an application to be successful. Let us share our 30+ years of experience with you when we find a government grant for your business. Contact us today for a free no-obligation consultation.

Grants
There are hundreds of grants available, so even if you don’t find what you are looking for you may still be eligible for an unlisted grant or private funding.

We have over 30 years of experience claiming grants with a 99% success rate!

To arrange a meeting with one of our accredited experienced grants managers please contact us today at 1800 PATTENS or grants@pattens.com or fill out this form.