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Queensland cruise operator Frankland Island Cruises, and New South Wales technology company Intersective are among the first Australian SMEs to sign up to the Small Business Export Loan, the latest finance offering for small businesses from Efic.
The Small Business Export Loan, launched by Efic in April, is a new source of unsecured debt for SMEs. Tenor on the loans range from three months to one year and borrowings are capped at 80% of an export contract or purchase order up to $250,000. SMEs must have an annual revenue between $250,000 and $5 million to access up to $250,000 to support an export contract.
The A$190,000 Efic loan to Frankland Island Cruises funds the purchase of new equipment to meet a new export contract with a Japanese company for chartered tours 80 days of the year. According to Ron Cusick, CEO of Frankland Island Cruises: “Our bank was unable to help us meet the Japanese contract. They simply do not lend to marine and boat businesses and were not willing to consider it.”
Efic’s loan to Intersective, an experiential education technology company, has allowed the borrower to sign a long-term licensing agreement with a Vietnamese university.