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FAQ's

Why do I have to be a Director to apply?

We need to be sure that you have the necessary authority to apply on behalf of your company.

How do you keep my data secure?

We are partnering with Microsoft to manage the user identification process, which is why you'll see a Microsoft url when completing the application and receive a verification phone call from the United States. This allows us to take advantage of the very latest online security systems and ensures the information that you provide to us is as secure as it can be.

Why can’t you help me if I’m a sole trader or in a partnership?

Our product range currently does not support the financial requirements of sole traders and partnerships.

Why does my company and its management need to have been in business for two years?

Rather than taking security, we are backing your company’s performance to deliver on the export contract and service the loan.

That’s why we consider a company’s business management track record when assessing each application, and so are unable to help companies just starting out. 

Why does my company revenue affect whether or not I can apply for a loan?

Your company’s revenue is a key component of your company’s ability to service the loan.

Why must I have exported at least once in the past 24 months?

Rather than taking security, we are backing your company’s performance to deliver on the export contract and service the loan, so we need to be sure that your company has sufficient export experience.

Why can’t I borrow less than AUD$50,000 or more than AUD$250,000?

We’re not able to consider loans less than $50,000, given the costs involved.

We’re happy to discuss loans greater than $250,000 with you, however we have a more detailed application process for loans of this size.

You can phone us on 1800 093 724 to discuss your options.

What does Australian content mean and why is it important?

As Australia’s export credit agency, our role is to help with the export of Australian goods and services, which is why your export contract or purchase order requires a minimum level of Australian content.

Australian content includes the costs of producing your goods or services in Australia, such as:

  • raw materials that you buy in Australia
  • labour and manufacturing costs incurred in Australia
  • costs of developing and licensing Australian intellectual property.

You can view our 30-second Australian content video to learn more about why Australian content is important.

Why do I need to have asked my bank first before I apply?

As Australia’s export credit agency, we’re not allowed to compete with the banks and so can only approve a loan if your company’s bank is unable to do so.

You can view our 30-second market gap video to learn more about why we need you to confirm that your bank cannot provide this loan.

Why do you need to contact my bank?

We’re not allowed to compete with the banks and so can only approve a loan if your company’s bank is unable to do so.

We simply need to check with your bank that this is the case as part of our loan approval process. This check has no connection with your credit rating

Why do I need to provide all my personal identification information?

All commercial lenders are required by law to collect this information when assessing a loan application.

Will you share my information with other government departments or agencies?

We deal with all information that you provide to us in accordance with our Privacy Policy and applicable laws.

While we don’t routinely share customer information with other government departments or agencies, in certain circumstances we may be required by law to comply when requested to do so.

Why do you want to talk to my local and overseas customers?

Rather than taking security, we are backing your company’s performance to deliver on the export contract and service the loan. 

A good way to confirm this is to talk with your customers about their experience with your company, including at least one overseas customer to check your performance as an exporter.

Why do you need to know if I’ve used foreign sub-contractors, agents or consultants?

Collecting this information is a regulatory requirement and forms part of our assessment of your export strategy. 

How do I repay my loan and when do I have to make payments?

To repay your loan, you’ll need to make monthly payments via direct debit. We will send you an SMS reminder a couple of days before each monthly repayment is due.

What should I do if I can’t make my next loan payment?

If you’re unable to make your next loan payment, you should phone us on 1800 093 724 before your payment is due to discuss your options.

What happens if I default on my loan?

If your payments aren’t made on time and you default, we may ask you to pay your full loan amount immediately and take additional steps to recover the amount owing. We may also report your default to a credit reporting agency in accordance with our Credit Information Policy.

Why do I have to pay an application fee?

Before we make a decision on your application, we need to check the information that you provided and undertake a credit assessment of your company.

The application fee covers the costs of this process, which is made up of $100 for the identity checks and $1,000 for the credit assessment. 

Is the application fee refundable?

You will receive a refund of the $1,000 credit assessment fee if your application doesn’t proceed to the credit assessment stage.

Does the application fee include GST?

No – the application fee does not attract GST.

Will I receive a tax invoice for the application fee?

We’ll provide you with an invoice as evidence of the costs incurred in obtaining finance, but it won’t be a tax invoice since the application doesn’t attract GST.

Who are Veda and Corporate Scorecard?

Veda (and its subsidiary Corporate Scorecard) is a data analytics business that provides credit reports and other information relating to individuals and businesses.  We have partnered with Veda/Corporate Scorecard to complete the identity checks and credit assessment for each application.  They also act as a credit reporting agency to whom Efic may report information relating to loan defaults from time to time. 

When will I receive my loan proceeds?

We will aim to make a decision on your loan application within as little as 7 business days.

If we are able to offer a loan to your company, you will receive these funds in your nominated bank account within as little as 2 business days of accepting our offer.

Can I contact someone if I need help with my application?

Yes – you can phone us on 1800 740 557 or email eficdirect@efic.gov.au                                   

How can I find out more about our Small Business Export Loan, EficDirect or about Efic in general?

For more information about our Small Business Export Loan phone us on 1800 740 557 or send us an email.

If you’d like to learn more about Efic and how it could help your company achieve export success, contact us via our website, phone us on 1800 093 724 or send us an email.