Victorian footwear products manufacturer Footcare International is expanding its export activity in insoles, foot comfort products and shoe laces, thanks to funding from credit agency Export Finance and Insurance Corporation (EFIC).
As first reported in Manufacturers’ Monthly, recent months have seen Footcare increasing its export activities in Asia, the United States, the Middle East, India and Europe.
EFIC provided a working capital guarantee to ANZ, enabling the bank to lend an extra $300,000 to Footcare to help finance the company’s strong export growth. EFIC’s product, EFIC Headway, enables small and medium-sized exporters to access working capital from their bank without requiring further security.
Footcare’s sales had been growing strongly in a range of overseas markets and the company needed extra working capital to meet international demand for its products, said Footcare managing director Barry Kearney.
“The working capital assistance from EFIC and ANZ is helping us achieve our aim to become the world’s number one manufacturer and distributor of insoles and foot comfort products.”
Footcare’s main export customer is A.S. Watson, a Hong Kong-based retail group with outlets across Asia and Europe.
Located at Kilsyth in Melbourne’s east, Footcare International is a family business which has been operating since 1925. The company is the largest insole manufacturer in Australia and the Southern Hemisphere, supplying Woolworths and Safeway Supermarkets, Coles Supermarkets, Franklins and independent Supermarkets,
BigW, Kmart, Priceline, Payless Shoes, shoe retailers and distributors.