Ferra Engineering is a Brisbane-based manufacturer of aerospace structures and sub-systems.
When Ferra won its third contract to supply weapons bay adaptors to Lockheed Martin’s F-35 Joint Strike Fighter program, it needed funds for product development.
Ferra is the only company worldwide approved by Lockheed to make and assemble weapons bay adaptors for the JSF program.
While Ferra’s work involved substantial costs for materials and labour, under the contract it wouldn’t receive payment until the parts were shipped.
This meant the company needed additional working capital to fulfil the contract.
We granted a A$2.7 million export working capital guarantee (EWCG) to Ferra’s bank, enabling it to lend this amount to Ferra to finance the contract.
An EWCG supports working capital needs for contracts and can help a company’s future export growth plans.
“We’ve completed similar contracts for the JSF project, and so were confident of our technical ability to deliver,” said Mark Scherrer, Ferra’s Managing Director.