The Federal Government is offering insurance and other financial services to small businesses to help them sell their wares overseas.

Announcing an extension of Export Finance and Insurance Corporation (EFIC) powers, Trade Minister Warren Truss says SMEs will have access to funding, insurance and funding performance guarantees to help them establish supply and distribution chains.

Mr Truss says Australian and foreign financial institutions are often unwilling to take the risk of bankrolling the overseas expansion of smaller businesses.

“The expansion of EFIC’s mandate will require changes to the EFIC Act,” he said. “The process to change EFIC’s legislation will commence shortly.”