Scottish Pacific partners with Efic

Trade and debtor finance specialist Scottish Pacific has been approved to partner with the Government's export credit agency Efic. It is the first non-bank financial institution approved to work with Efic.

Scottish Pacific's core business is receivables finance but in recent years it has expanded into trade finance.

Scottish Pacific chief executive Peter Langham said there were a number of situations where the company could not finance a trade deal on its own but could proceed with an Efic guarantee.

Langham said: "There might be a country that we don't like because of political risk. If Efic steps in it changes the situation.

"There will be cases where we take a submission to Efic and cases where they bring something to us."

Langham said the approval process took 12 months. Efic did due diligence on the company's funding arrangements, asset quality and balance sheet strength.