Loans between $250,000 and $50 million may be available to Queensland exporters impacted by the COVID-19 pandemic under a new $500 million capital facility administered by Export Finance Australia.
The COVID-19 Export Capital Facility is designed to help previously profitable exporters who are unable to gain finance from commercial sources due to COVID-19.
Its goal is to help exporters, including tourism and education businesses, mitigate the impacts of the COVID-19 pandemic.
To apply for a loan under the new facility, you must be an Australian business that:
- is an exporter, or operates in an export supply chain
- has been trading for at least 2 years
- has an annual turnover of at least $250,000
- was profitable in either of the 2 financial years prior to markets being impacted by COVID-19
- cannot secure finance from the private market because of COVID-19.
A competitive, commercial interest rate will apply to the loans, depending on your business’s risk profile and its ability to service debt. Deferrals of principal and interest repayments may also be available, depending on your circumstances.
The new lending facility will complement other support measures previously announced by the Australian Government, which support banks to lend to new and existing business clients. Before applying to the new facility, exporters should contact their banks to find out what assistance may be available through that avenue.
Export Finance Australia is the Australian Government’s export credit agency, which works with banks to provide financial solutions for small to medium-sized exporters and supply-chain businesses. In addition to the COVID-19 Export Capital Facility, Export Finance Australia will continue to provide assistance to existing customers through access to credit and financial relief.
The Queensland Government is also offering a range of business support programs for exporters affected by COVID-19.
Supporting Queensland exporters is a priority under the Queensland Trade and Investment Strategy 2017-2022.