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Winners of the NSW export awards. Corporation (EFIC), a federal government agency established to support Australian exporting companies for funding assistance. Initially, EFIC felt the company was still not developed enough in cottonseed trading to satisfy its internal lending requirements. But over a 12 to 18 month period, UWE began to gain further experience and approached EFIC again, this time with a proven track record of success. The government agency saw growth in the company and undertook due diligence. EFIC was able to offer a A$3 million guarantee to ANz to provide UWE with a revolving working capital facility. Under this facility, UWE was able to purchase much larger volumes of cottonseed direct from its Australian suppliers and sell to the Chinese market, meeting the increased demand the company was experiencing. EFIC provides financing solutions for Australian exports when there is no commercial market appetite. The government-owned agency does this mainly through guarantees to commercial banks. Track record and financial performance are part of its assessment: once EFIC became comfortable with its due diligence, it was able to offer a facility to UWE. Being an AAA-rated entity, EFIC provides a bank, in this case ANz, additional security without needing bricks and mortar. If there is a default due to the buyer not making payment to UWE, then ANz can call on EFIC’s guarantee to be repaid for any losses incurred. EFIC’s role is not to crowd out the commercial market but more so to promote commercial lending appetite. By having EFIC take the risk over a number of transactions, the banks can get comfortable that the exporter and the financing structure is robust and a more ‘bankable’ proposition. In the case of UWE, its bank has expressed its support and now, after having completed a few transactions, is prepared to take a share in the risk. This is a positive step from both UWE’s and EFIC’s point of view because, ANz will, over time become more comfortable with the risk and will eventually bear the entire risk without EFIC support. EFIC has recognised the growing need to support agriculture and has set up a specialised team to handle all agri-financing. UWE has demonstrated a good business model and strong relationship with their Chinese buyers. This has enabled UWE to grow rapidly as a business in response to identified demand in the Asian market; a great success story in times when many businesses have struggled with tough economic conditions. The cottonseed market continues to pose an exciting opportunity for UWE and the company looks forward to building on their accolade of NSW Asian Exporter of the Year. 2013 Farm Study Tours UK/Ireland (departs July 9 for 22 days) Cast off those BAS Blues in early July and head to Old Blighty and the Emerald Isle for three fantastic weeks. We’ll visit some of the best farming operators in the UK. There will be plenty of time to sample all the beauty and cultural attractions of the cities and the countryside. Visit southern and northern Ireland, England, Wales and Scotland. This tour also coincides with the Ashes and Wimbledon. South America (departs Aug 5 for 24 days) From the beautiful lakes of Chile to rugged Patagonia, the Argentine Pampas, Iguassu Falls, incredible farm developments in Brazil and Rio. Then Peru – think Macchu Pichu. Plus options to the Amazon, Galapagos, Easter Islands etc. Turkey/Ukraine/Poland (departs Aug 21 for 23 days) Turkey is one of the most fascinating countries to visit in the world with its mix of cultures – east and west; Europe and Asia. We will visit Gallipoli, and then travel through western and central Turkey visiting some extremely productive agricultural regions. A quick flight across the Black Sea to the Ukraine with its huge areas of highly fertile soil. We will drive right through to Poland visiting amazing new agricultural developments and onto southern Germany. Express your interest by giving us a call on 07 4659 3555 or email travel@greenmountpress.com.au or visit www.greenmounttravel.com.au Licence No. ABN 57085 828011 TAG 1608 IATA 96-804831 Ph: 07 4659 3555 www.greenmounttravel.com.au E: travel@greenmountpress.com.au Fax: 07 4638 4520
IT’s back! Your gateway to the Cotton Industry incorporating… NorthCrop – Northern Cropping Systems Expo including all summer and winter crops, both irrigated and broadacre. May 29–30, 2013 Moree TaFE Newell Highway, Moree For any information about the trade show contact: BOOKINGS — Brian O’Connell Ph: 02 6778 3255 Mob: 0413 130 777 ADMINISTRATION — David Dowling Ph: 07 4659 3555 Email: tradeshow@greenmountpress.com.au www.cottontradeshow.com.au save time book your site online – go to www.cottontradeshow.com.au
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cotton - Greenmount Press

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