THE Federal Government has launched a website that brings prospective exporters information on finance.
The Export Finance Navigator is an independent source of information that aims to assist current and potential exporters by sourcing a wide range of information on the financing alternatives available.
Developed by Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, the online tool is a response to a recommendation of the 2008 Review of Export Policies and Program (the Mortimer Report).
The website divides the exporter’s journey into six stages: preparing for export, finding markets, winning contracts, financing production, getting paid and expanding overseas. An exporter can easily identify which stage they’re at, and then find the export finance solutions available to them at that stage.
EFIC chief executive Angus Armour, says it will help give Australian businesses operating in overseas markets a more solid financial foundation and contribute to their continued international success.
“SME exporters frequently tell us that they’re not sure where to begin looking for information about export finance, and often they don’t know that government assistance is on hand. Export Finance Navigator gives them the starting point they need to learn about export finance,” he says.
The Mortimer Report found a common problem for new exporters and businesses investing overseas were a lack of understanding about the financial products available and where to obtain finance.
The report identified a need for ‘an independent source of advice and information on export financing, including referrals to commercial service providers as well as to other sources of government financial assistance’.