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A win for exporters seeking protection against volatile currency markets
A foreign exchange facility can help exporters hedge against currency fluctuations by locking in exchange rates. In that way, companies which trade internationally are better able to protect their profit, and have more capital to further invest in their business.
Eligible Australian SMEs will have the help to better manage their exposure to volatile currency markets following an agreement we have developed with the Australian Government’s Export Credit Agency: Export Finance and Insurance Corporation (EFIC).
With the benefit of EFIC’s guarantee, we will be able to provide exporters with higher limits of foreign exchange hedging, one of the most common ways to protect your profits against sudden shifts in currency’s exchange rates. EFIC will offer a guarantee of up to $250,000 per eligible exporting customer enabling us to increase the exporting customer’s hedging facility by the same amount.
Other benefits of applying for the guarantee are that it comes with no additional charge to exporters, and companies do not need to provide additional security for it, giving exporters the tranquillity of mind to focus on growing strategies, and help them to move into global markets.
The application process for this service is also quite direct, and it can be done following a simple few steps online. Once you have approval for a FX facility from us, you can request an EFIC FX facility guarantee to increase the trading limit on their facility.
To apply for this new service, exporters need to be (or become) a customer and must also meet criteria associated with this product.
About EFIC
EFIC provides finance and insurance solutions to help Australian exporters overcome the financial barriers they face when growing their business overseas.
As the Australian Government’s export credit agency, we can help successful businesses to win, finance and protect export trade or overseas investments where their bank is unable to provide all the support they need.
We work directly with exporters or with their banks to provide loans, guarantees, bonds and insurance products which can be tailored to meet the needs of both large and small exporters.
EFIC is uniquely placed to do this: we use over 50 years of export finance and industry expertise, contacts at financial institutions around the globe, the strength of our AAA credit rating and an entrepreneurial business approach to make export deals happen.
We practise responsible lending and uphold social and environmental best practice in the transactions we support.