Exporting can bring secure, long-term growth for successful businesses. But starting to sell overseas or expanding your existing export business can put a strain on your cashflow. In the short term there can be additional upfront costs, such as logistical costs, product customisation or additional payroll costs.
Export finance can help you meet these upfront costs and allow you to:
- increase your available working capital to fulfil export orders
- get paid earlier for completed orders
- offer better payment terms to your customers so you remain competitive
If you’re a new business, usually trading for under 2 years, you may be eligible for a startup loan.
Both new and more experienced exporters may qualify for government-backed finance through UK Export Finance (UKEF), which seeks to ensure no viable UK export fails due to lack of finance or insurance from the private sector. As the UK’s export credit agency, UKEF can issue loans, guarantees and insurance policies to help you offer competitive terms to your buyers while managing your cash flow and payment risks. Most of the companies UKEF supports are small or medium-sized, but it supports exports for any size of company and across all sectors. Speak to one of their export finance managers for free, impartial guidance on finance for exporting.
Support is also available from the following Exporting is GREAT partner companies and organisations. These include online finance platforms, which represent hundreds of FCA-regulated and approved UK lenders. Finance options are available for companies that have been turned down for traditional bank finance. If you’ve been trading for under 2 years, you may be eligible for a variety of start-up loans or could benefit from crowdfunding options.