AUSTRALIA’S export credit agency is increasing its presence in Western Australia, opening a permanent office to help provide export and mining services companies with alternative sources of finance.
The Export Finance and Insurance Corporation established its Perth office in late May, headed by SME and mid-market director Leela Hanson, who has been working in Perth for the past three years on a part-time basis.
Shortly after, EFIC provided two warranty bonds totalling $574,000 to Binder Group, which is a pipeline supplier for Chevron’s Gorgon liquefied natural gas development.
Ms Hanson said the support for Binder was a prime example of how EFIC could help companies in export-related fields win more business.
Other WA companies to have received support from EFIC include shipbuilder Austal, rural exporter Wellard, minerals explorer Equinox, and technical services firm NGIS Australia.
“EFIC has been a supporter of Western Australia’s exporters for over five decades, and this new presence is a mark of our commitment to helping more WA companies succeed in exports and overseas investment,” Ms Hanson told WA Business News.
“As credit appetite for the banks is reduced, some of these companies are finding that they don’t have the finance to grow as they want to.
“Establishing an office in Perth will ensure we are on the ground and ready to assist WA companies, including those with exposure to the mining boom.”
Ms Hanson said major multi-national resources companies such as Royal Dutch Shell, Chevron, and Woodside Petroleum had been extremely supportive of EFIC’s efforts.
“They have been very generous with their time to talk to us because they can see for themselves that they are trying to maximise opportunities for WA companies to be a part of that boom,” she said.
“If we are able to help them do that, then why not give us a chance?”
EFIC’s focus in WA, however, is not limited to the rapidly growing resources sector, Ms Hanson said, with significant growth occurring in other sectors such as agriculture and services.
“People may not realise that there are a lot of WA companies also looking to expand their presence offshore,” Ms Hanson said.
“Places like Chile, Peru, South Africa, they are going there because the mining companies are taking them there.
“And for SME companies to invest in places like that, it could be difficult, and that’s where we come in to help.”
