PolySoft

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We helped PolySoft continue to fulfil their long-term customer contracts despite business disruptions caused by COVID-19.

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 overseas 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 their cashflow 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.”

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A financial lifeline

Ophelia contacted Business Development Associate Director, Michael Reznikov, to ask about finance options to help PolySoft meet their 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 them to maintain the business and help strengthen relationships with overseas 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.”

“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.