Perth-based company, Barclay Engineering – a specialist in noise control solutions for heavy industry – regards a new product from Export Finance and Insurance Corporation (EFIC) as the company’s ‘confidence factor’ when seeking new export business on international markets.

Company founder and managing director, Terry Barclay, discovered that the EFIC Headway product provided an innovative solution to his need for additional working capital finance.

“We had won an important export contract to build acoustic enclosures for gas turbines in Qatar, but we had to work out how to finance the project,” said Mr Barclay.

“EFIC Headway is opening doors for us. It gives us the confidence to meet our commitments to our customers while maintaining cash flow to assist in buying materials at the right price.”
EFIC Headway is a financial guarantee from EFIC to a participating bank, designed especially for small to medium-sized exporters to overcome the common problem of limited access to working capital.

“The support from our bank ANZ and EFIC Headway helps to make us competitive in the international market,” said Mr Barclay.

Over 30 years, Barclay Engineering has become a force in exporting by designing, manufacturing and installing noise control systems for everything from the smallest mobile generators to massive gas turbines.

“We are a $12 million company and for us to take on large projects we have to look at how we are going to finance them,” said Mr Barclay. “If we don’t have the finance in place, we are going to back away from export opportunities.”

EFIC Headway is distributed by Westpac, HSBC, NAB, ANZ, BankWest, Commonwealth Bank, Bank of Queensland, Bendigo Bank and St.George.