Export finance available, but not in demand 28 October 2009 5:42PM Ian Rogers One interesting indicator of the subdued demand from businesses for credit is the annual report of the Export Finance and Insurance Corp, one of the Australian government's few remaining financing businesses.The annual report, released late last week, shows that EFIC wanted to lend more to finance working capital for exporters but came in well under budget.The main reason is that companies deferred projects with offshore customers, a reminder of the difficult trading conditions for export-oriented businesses selling anything more than minerals.While EFIC said it supported exporters with facilities totalling $576.5 million on the Commercial Account and National Interest Account last year - a rise of 56 per cent - it noted that "a number of potential transactions requiring EFIC's support have not progressed as anticipated."EFIC reported the profit on its Commercial Account of $33.6 million was above the budget of $21.2 million, and in turn well above the 2007/08 profit of $19.7 million. EFIC, which by mandate is a more willing lender than many banks in awkward credit conditions, said in the annual report that it did not expect to see a return to normal credit conditions in 2009/10 and, "as a consequence, we are likely to be called on to provide support to exporters which would normally be satisfied by the private market."Reflecting this, the pipeline of new business opportunities for 2009/10 is promising." EFIC provided one working capital credit line, of $200 million, to GM Holden Limited under the National Interest Account, to support the export programmes of General Motors Holden to Asia and the Middle East.This type of loan is directed by the government rather than agreed by the EFIC board.EFIC said that as at June 2009 it had roughly equal levels of exposure to the shipping, mining, and construction industries.