ANNOUNCEMENT 25 Jun 2015In June 2015, the government of Australia announced a change in its trade finance instruments.
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On 25 June 2015, the Australian export-financing authority Efic announced it would partner up with its first non-bank lending entity Scottish Pacific, the country's biggest working capital provider.
In a press statement, Efic stated the partnership would open up new funding options particularly for export-oriented SMEs as well as other SMEs involved in the supply chains of export projects. Scottish Pacific CEO Peter Langham was also quoted in the statement saying "We are now helping in all areas of the working capital cycle, for businesses with borrowing requirements from $10,000 up to $30 million".