Efic’s Export Line of Credit helped Melbourne-based BroadSource take on new export opportunities.
Focusing on providing IT solutions and platforms for global telecommunications companies, BroadSource
also designs and develops its own software. According to co-Founder and CEO Haydn Faltyn, exporting makes up 90 per
cent of BroadSource’s total sales.
To help support BroadSource’s rapidly expanding pipeline of export contracts, the company needed additional working capital to ease the pressure on its
When you work in a very competitive market the lead time between starting work on a deal to receiving payment can be significant.
After being referred to us by its accounting firm, we were able to help BroadSource with the additional working capital it needed through the approval
of a $300,000 Export Line of Credit.
BroadSource was unable to source funding from the commercial market, due to a lack of tangible security and given its offshore customer base.
“Efic were fantastic to deal with,” says Haydn, “and for a small organisation like ours, this additional finance has made a huge difference.”
“Having a line of credit like this in place allows us to act on a commitment from a customer, even though it’s probably 12 months or so before we get paid.”
“It means we can invest resources into a contract earlier, make commitments in terms of growing our headcount and increase our marketing,” says Haydn,
“all of which help us to get ahead of the game.”
Find out if Efic’s Export Line of Credit could help you grow your export business–www.efic.gov.au
or call 1800 093 724.