FINANCIAL SUPPORT FOR AUSSIE EXPORTERS

Riverina and Central West exporters affected by the COVID-19 pandemic now have access to business-saving loans of between $250,000 and $50 million under a new $500 million assistance program.

Member for Riverina and Deputy Prime Minister Michael McCormack said the COVID-19 Export Capital Facility would target loans to established and previously profitable exporters who were unable to gain finance from commercial sources because of the pandemic.

“This is another example of the Federal Government giving businesses a hand up during this crisis,” Mr McCormack said.

“The Riverina and Central West has many, many businesses which are export focused and employ thousands of people in total, so it’s vital we back them to the hilt.”

Tourism and education are among the sectors which are eligible to apply for the grants.

Mr McCormack said previously profitable rural and regional exporters risked being squeezed by tough conditions caused by the pandemic, including rising export costs, disruptions to supply chains and loss of markets.

“While many businesses have had success in negotiating new credit from commercial outlets, feedback from industry indicates some exporters are struggling to secure finance and this facility could provide them with the finance they need to continue operating,” Mr McCormack said.

The Federal Trade Minister, Simon Birmingham, said Australia was currently in a difficult credit environment and these loans would provide a lifeline to exporters to help maintain their operations. “Helping our export sector to get access to business-saving finance is crucial to reducing job losses through this crisis and a critical part of the ultimate economic recovery,” Minister Birmingham said.

For more information on the COVID-19 Export Capital Facility visit www.exportfinance.gov.au/covid19.

Shane Manning