Newable Commerce has secured £70 million in funding to assist UK SMEs in international trade.
- The funding comes from Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank.
- This initiative will support small to medium enterprises with flexible debt facilities for up to two years.
- Newable aims to simplify exporting for SMEs and expedite funding applications.
- Phil Reynolds and Alex Scott praised the funding’s potential to bolster SME growth.
Newable Commerce has successfully obtained a significant £70 million funding package intended to bolster the export capabilities of small to medium enterprises (SMEs) within the United Kingdom. This financial support originates from prominent financial institutions, including Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank, reflecting a robust confidence in Newable’s mission to enhance SME export operations.
The funding is designated to streamline the export process by offering SMEs flexible debt facilities with terms extending up to 24 months. Such provisions are crucial as they provide the necessary liquidity to accommodate the often elongated payment cycles associated with international trade. Additionally, the expedited processing of funding applications ensures that businesses can swiftly access the financial resources needed.
Newable Commerce has positioned itself as a key supporter of exporting SMEs, providing tailored working capital solutions that align with the demands of international business engagements. The firm is planning to expand its suite of services, which will encompass working capital, foreign exchange, and international payment integrations, thereby offering a comprehensive financial toolkit for its clients.
Phil Reynolds, managing director of Newable Commerce, emphasized the growing gap between SMEs eager to export and the availability of suitable funding options, particularly for those with turnovers under £10 million. He expressed enthusiasm for the enhanced capacity to aid UK SMEs in capturing international opportunities and driving their business growth.
Alex Scott, director at Quilam Capital, added his support for Newable’s venture, highlighting the substantial and scalable financial backing provided. He noted the significant demand from UK SME exporters for funding aimed at business expansion and praised Newable Commerce’s unique product offerings designed to meet these needs.
The £70 million funding boosts Newable Commerce’s support for UK SMEs in international markets.
