Financing your export campaign: the campaign credit

In brief. Exporting olive oil means buying the harvest before collecting the sales: a cash-flow need that the campaign credit covers. Three arrangements combine: the campaign credit (financing the purchase and storage of the raw material), the export pre-financing (advance before shipment) and the receivables mobilisation (advance on issued invoices). In Tunisia, these credits are indexed to the TMM, plus a few points. Well structured, this financing turns a cash-flow gap into exported volume.

The heart of the matter in exporting is not demand: it is the cash to buy the harvest before selling it. An olive campaign plays out over a few months; you have to pay the mills now and collect from buyers later. The campaign credit fills this gap. Here is how it works and how to combine it with the other export financing levers.

What is the campaign credit?

The campaign credit is a short-term financing intended to cover the cash-flow need linked to an agricultural campaign: buying the raw material (the oil), storing and preparing it, while awaiting the sales revenue. It follows the seasonal cycle of olive growing and is repaid as the exports are collected.

In other words, it finances the gap between the outflow (purchase of the harvest) and the inflow (buyer payment), which can run over several months. Without it, an exporter limits their volume to their available cash alone.

Why an export campaign needs financing

The olive oil cycle is brutal on the cash-flow side: the harvest concentrates in winter, the best purchase prices are seized early, but sales and payments spread over the year. You therefore pay before collecting.

Three reasons make financing near-indispensable:

1. The purchase peak: securing quality volume at the right time mobilises a lot of cash over a short period.
2. Storage: the purchased oil must be preserved, analysed, sometimes packaged before shipment.
3. Payment delays: between shipment and collection (often against documents or LC), weeks pass. The Tunisian 2025-26 olive campaign illustrates the scale of the volumes at stake.

The three arrangements to combine

1. The campaign credit (upstream)

It finances the purchase and storage of the raw material during the campaign. It is the foundation: it lets you buy earlier and in larger volume than your cash alone would allow. It unwinds as sales come in.

2. Export pre-financing (before shipment)

Export pre-financing is an advance granted after a firm order is placed but before collection, to cover the preparation of the shipment (packaging, port fees, documents). It relies on a solid contract or order.

3. Receivables mobilisation (after shipment)

Once the goods are shipped and the invoice issued, you can mobilise this receivable: the bank advances you the amount while awaiting the buyer's payment. This shortens the delay between shipment and available cash, and frees up cash for the next campaign.

These three arrangements do not oppose each other: they cover three moments of the cycle — before the purchase, before the shipment, after the shipment.

How much does it cost? The rate indexed to the TMM

In Tunisia, export credits are generally indexed to the TMM (Money Market Rate), around 6.99%, plus a bank margin — often on the order of TMM + 2 to 4 points. The real cost depends on your file, your guarantees and the bank.

Arrangement	What it finances	Indicative cost basis
Campaign credit	Purchase + storage of the oil	≈ TMM + 2-4 pts
Export pre-financing	Preparation before shipment	≈ TMM + margin
Receivables mobilisation	Advance on issued invoices	≈ TMM + margin

This financing cost must be built into your selling price, just like freight or insurance. A campaign financed at a loss makes no sense: cost the credit before quoting.

Cutting the bill: combining with grants and cover

Financing is not steered alone. Two levers lighten it:

• Export subsidies: FOPRODEX covers part of the freight, and Tasdir+ finances prospecting. Details in our article FOPRODEX and Tasdir+ subsidies.
• Risk cover: credit insurance (COTUNACE) and the confirmed letter of credit secure collection, which also reassures the bank financing you. Exchange-rate risk is covered in parallel if you invoice in foreign currency.

A solid financing file always relies on secured firm orders: the bank finances all the better when the risk of non-payment is under control.

The mistake to avoid

Underestimating the full cost of financing by looking only at the headline rate. Add the commissions, the guarantees and the cost of the time tied up. And never finance a campaign on hypothetical sales: base the credit on firm orders. To place your selling prices against the market, rely on our price observatory and the origins comparison.

FAQ

What exactly is the campaign credit?

It is a short-term financing that covers the purchase and storage of the raw material during the olive campaign, while awaiting the export revenue. It matches the seasonal cycle and is repaid as sales come in, allowing you to buy earlier and in larger volume.

What is the difference between campaign credit and export pre-financing?

The campaign credit finances the upstream (purchase and storage of the oil). Export pre-financing intervenes later: it is an advance after a firm order, before shipment, to prepare the dispatch. The two combine within the same cycle.

How much does an export credit cost in Tunisia?

Export credits are generally indexed to the TMM, plus a bank margin often on the order of 2 to 4 points. The real cost depends on the file, the guarantees and the bank. Always build it into your selling price.

What is receivables mobilisation?

It is an advance the bank grants you on an already-issued export invoice, while awaiting the buyer's payment. It shortens the delay between shipment and available cash, which frees up cash to finance the next campaign.

Can financing and export subsidies be combined?

Yes. Financing (campaign credit, pre-financing, receivables mobilisation) covers the cash flow; subsidies like FOPRODEX lighten specific items (freight) and Tasdir+ prospecting. Combined, they reduce the full cost of the campaign. All rates remain to be verified.

How do I reassure the bank to obtain the credit?

By presenting firm orders and secured collections: confirmed letter of credit, credit insurance (COTUNACE), even exchange-rate cover if you invoice in foreign currency. The more the risk of non-payment is under control, the more easily and on better terms the bank finances.

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Are you structuring the financing of your campaign? Request a quote: we quote by category, format and incoterm within 24-48h, so as to clearly integrate your costs. To lighten the bill, see the FOPRODEX and Tasdir+ subsidies and secure collection on the import side via our guide financing your import.