Newable Commerce has secured £70 million from key financial partners, aimed at bolstering the support for UK SMEs venturing into international trade.
- The funding partners include Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank.
- This financial backing will provide SMEs with flexible debt facilities, easing their export processes significantly.
- Emphasis is placed on quick funding applications, aligned with the long payment cycles typical in international business.
- The initiative is set to expand Newable Commerce’s offerings, integrating capital, foreign exchange, and international payment solutions.
Newable Commerce has successfully secured an impressive £70 million investment to enhance support mechanisms for small and medium-sized enterprises (SMEs) in the UK, focusing on those involved in international trade. This funding has been sourced from prominent institutions: Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank. This strategic investment aims to simplify export processes for UK SMEs by providing access to flexible debt facilities.
The secured funding will specifically cater to the unique needs of exporting SMEs, offering tailored working capital products that align with the extended payment cycles often associated with international trade. Moreover, this initiative is designed to ensure that funding applications are processed expeditiously, typically within days, providing SMEs with the agility needed to capitalise on international opportunities.
Phil Reynolds, Managing Director at Newable Commerce, expressed his excitement regarding the partnership, highlighting the current imbalance between SMEs seeking to export and the available funding options, especially for businesses with a turnover of under £10 million. “This funding line will significantly bolster our capacity to support UK SMEs on their export journeys,” he stated, emphasizing the enhanced financial backing to assist businesses in seizing international growth opportunities.
Jonathan Reynolds, Secretary of State for Business and Trade, outlined the government’s commitment to supporting SMEs, with a goal to increase the number of businesses backed by UK Export Finance to over 1,000 annually by 2029. His sentiments reflect a broader governmental strategy to foster growth within the SME sector, recognising its vital role in the national economy.
The contribution from Quilam Capital was also lauded, with Director Alex Scott expressing delight in partnering with Newable Commerce to offer scalable funding and strategic backing. “The demand from UK SME exporters for funding to help grow their businesses is significant,” Scott noted, adding that Newable Commerce has constructed a unique range of products to meet this burgeoning demand.
This substantial investment significantly enhances Newable Commerce’s capacity to assist UK SMEs, propelling their expansion into the global market.
