Initiative provides funding for SMEs to finance export sales
UK EXIM Ltd has established a new £1 million fund to help SMEs in the Midlands finance the purchase of goods and materials they require to meet orders. Reports from the SME community regularly identify this as the most serious obstacle to fulfilling hard-won orders.
We work closely with well-run SMEs who, despite the collective successes in their own individual market, have found it difficult to fund the supplies they need to meet orders. Many of those companies have to purchase raw materials or components from suppliers overseas who require payment up front, followed by long delivery times on goods imported by sea from the Far East for example. Exporters who source entirely from inside the UK face similar problems. UK EXIM plans to roll out further schemes at intervals
Given the diversity of businesses seeking to export and the markets they are addressing, there is no ‘one size fits all’ approach to funding exports as UK EXIM CEO Mark Runiewicz explained. “We identify the pressure points on each of our clients and create a solution which most accurately reflects their requirements.”