The Export Finance and Insurance Corporation (EFIC) and Westpac have announced that they have signed a Master Working Capital Guarantee Facility to help Australian exporters gain additional working capital to finance export contracts. The agreement enhances Westpac’s suite of export financing and risk solutions supporting customers seeking to export goods or services who require access to both pre and post shipment funding.
The role of EFIC, the Australian Government’s export credit agency, is to help Australian exporters overcome financial barriers. Export working capital guarantees from EFIC to Westpac will enable more of Westpac’s small to medium sized customers to access additional working capital to deliver on their international sales contracts.
EFIC’s export working capital guarantee is a flexible guarantee which can support a single export contract or many export contracts with different buyers. Generally, the guarantee is for a minimum of $500,000.