PolySoft
PolySoft is a manufacturer and distributor of safety flooring systems for aquatic and recreation areas such as water parks and playgrounds.
Need
COVID-19 impacted both its supply and demand, with international restrictions affecting raw material availability and causing project delays. With 80 per cent of its sales in exports, PolySoft needed additional working capital.
Solution
Our $350,000 COVID-19 Export Capital Facility will assist the business with cash flow, enabling PolySoft to support some key international customer relationships until normal operations resume.
PolySoft manufactures and distributes safety-flooring systems, used in wet areas like water parks and aquatic centres, and dry areas like playgrounds. Its innovative product was developed in Australia by Australian scientists. But about 80 per cent of its business comes from international customers, particularly the Middle East.
Managing Director Ophelia Zhu says that the outbreak of COVID-19 has not only prevented her from travelling to expand the company’s markets but has also seen several significant projects delayed.
“Every facet of our business has been affected by the pandemic,” said Ophelia. “Logistics have also been a huge challenge, with increased freight costs and delayed delivery times, and our supply chain has been interrupted."
After some established customers asked for longer payment terms on large contracts, PolySoft approached Export Finance Australia to help them cover its cash flow gap.
“We’d already had a conversation with Export Finance Australia a few years ago, for a previous project,” said Ophelia. “Then we read about the COVID-19 Export Capital Facility in an email and decided to find out more.”
As a small business, this finance is of enormous importance to us – especially when global business activity has been reduced because of COVID-19.
Ophelia Zhu
Managing Director, PolySoft
A financial lifeline
Ophelia contacted Business Development Associate Director, Michael Reznikov, to ask about finance options to help PolySoft meet its working capital needs.
“Michael organised a time to talk that was convenient to us, and was very hands-on and helpful,” Ophelia explained. “The loan process was quite straightforward – and there's a clear process from their end, so as a client I found that very comforting."
PolySoft’s application for the loan was successful. This finance will allow it to maintain the business and help strengthen relationships with international customers until normal operations return.
Ophelia points out that it can be difficult for small to medium-sized businesses to access finance without collateral. She recommends to businesses who export, or that are part of an export supply chain, to talk to Export Finance Australia about their finance needs.
“As a small business, this finance is of enormous importance to us – especially when global business activity has been reduced because of COVID-19,” said Ophelia.
“It’s been a lifeline that’s allowed us to keep the business going.”