Digital media gets ANZ backing

ANZ has provided Sydney-based Viocorp with an A$1mn (US$895,000) loan for the digital media company’s inaugural overseas contract.

The working capital loan from ANZ is fully backed by Australia’s export credit agency, Export Finance and Insurance Corporation (EFIC).

Viocorp has won a sub-contract for an A$5.4mn (US$4.8mn) Malaysian project that will provide customised internet broadcasting.
The media company will implement a digital publishing and advertising platform, redesign five client portals and apply a TV on-demand feature so that end users can buy and watch content through any internet-connected device.

Ron McCulloch, Viocorp’s executive chairman, comments: “Without EFIC’s support to help us access additional working capital, it would have been extremely difficult for Viocorp to undertake this contract and continue expanding our business overseas.”

This deal comes after ANZ and EFIC entered into a master working capital guarantee facility agreement to help Australian SMEs in a wide range of sectors with their export finance requirements.