Across Wales, companies are realising the benefits of selling internationally – but there are still hundreds of firms that could export more. Christian Syme, Export Finance Manager for Wales explains how UK Export Finance can help.
Companies that export are more profitable, create more jobs and are more productive. This is the power of exporting – it’s the ultimate win-win-win. But there are hundreds of firms across Wales – perhaps including yours – that are not taking advantage of these opportunities. Why is that?
I talk to businesses every day, and what I hear a lot is that, even if they have a great idea or product, they can find getting the necessary finance or insurance from the private sector challenging. This means that they could find their cashflow restricted if they took on a big export contract, or that they worry about the risks of entering a new market. Does this sound familiar to you? If so, there is an answer.
How Can UK Export Finance (UKEF) Help?
UKEF is the UK’s export credit agency, and our mission is to ensure that no viable UK export fails for lack of finance or insurance from their bank or insurer.
I am the Export Finance Manager for Wales, one of a network across the UK, and my job is to make sure that Welsh companies are getting the right export finance support and to help them bridge any gaps. This could mean anything from tailored loan guarantees to bonds and insurance.
UKEF Can Help Businesses:
- Win export contracts by providing attractive financing terms for overseas buyers
- Fulfil orders by supporting working capital loans or contract bonds
- Get paid by insuring against buyer default
By getting your finances right and the appropriate insurance, you will not only put yourself in the best position to take on an export contract, but you will be more competitive and be able to win more business as a result. As I said, it’s a win-win-win.
Our Support in Action
Last year, UKEF support resulted in over £64 million worth of overseas sales for Welsh businesses. One of these was Carpenter and Paterson, a specialist manufacturer of pipe suspension equipment based in Welshpool.
By working with overseas buyer Reliance India, UKEF helped to ensure that more than 100 construction and supply contracts on Reliance’s project in Jamnagar, India, went to UK companies, including Carpenter and Paterson, which secured US$9 million worth of business.
This was a multi-millionpound deal, but UKEF can support even the smallest deals and can help businesses of all sizes and in all sectors. In fact, SMEs can benefit from our partnership with five major high street banks, which allows them to access up to £2 million of Government support in mere moments directly from their bank.
How Can I Access UKEF Support?
If I have inspired you to think about working with UKEF to help you export, then you can get in contact via our website and fill out a simple form, or you can contact me directly at christian.syme@ukexportfinance.gov.uk.
I have over 20 years of experience in supporting international trade and promoting exports, and would love to help your company succeed internationally and share the benefits of exporting.
