Export Finance Australia, the country’s export credit agency, offers small businesses the means to access financial support for their export transactions. This unsecured government-backed loan boasts of easy online application process and fast approvals for businesses with an annual revenue between $250k and $10 million the previous financial year.
Overview and Loan Amount
The Small Business Export Loan aims to provide an alternative for businesses that cannot secure a bank loan to satisfy their cashflow needs. The following features are unique to the Export Loan:
- Supports international business growth
$20k to $350k loans to help fund your export-related contracts, tourism growth or online sales to international customers
- Unsecured export loan
No security of property or other fixed assets, secured only by director(s) guarantees
- Fast, easy access to funds
Apply online in as little as 30 minutes, with funds available in as little as 9 business days
- Conditional Approval
Ability to submit your application and receive a 90-day conditional approval if you haven’t secured an export-related contract
- 3rd parties can apply
Ability to apply on behalf of an Australian exporter for consultants, accountants and other third parties
No penalty for early repayment
The loan is unsecured. Interest rates are approximately 9% p.a. The interest rate is indicative only and may change. Interest rates are fixed for the term of the loan. Application and credit assessment fees also apply.
Eligibility and Criteria
If you are exporting for the first time or an experienced exporter with a business turnover of more than $250k, you may be eligible for a Small Business Export Loan:
- Annual revenue of between $250k and $10 million last financial year, or net profit in last financial year and/or projected for current financial year
- Management and trading history of at least 2 years
- Must be an Australian registered company with an Australian Company Number (ACN)
- The loan must be used to finance export-related transaction[s] including:
- for the export of Australian goods and/or services from Australia
- international tourism growth
- online sales to international customers
Applicants are encouraged to read through all the criteria set by Export Finance Australia. They can read more here. Applicants can also do their due diligence by making sure they have all the required documents. Applications are online and can be accessed here.
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