Newable Commerce has secured £70 million in funding to enhance SME support in the UK, aiding international trade.
- The funding comes from Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank, providing flexible debt facilities.
- The aim is to accelerate export processes for SMEs by integrating working capital, foreign exchange, and international payments.
- The funding targets SMEs with a turnover of less than £10 million, a market said to be underserved.
- Key figures applaud the initiative as it promises significant growth and export opportunities for UK businesses.
Newable Commerce has successfully acquired £70 million in funding from Quilam Capital, Shawbrook Bank, and Hampshire Trust Bank, targeting the advancement of UK small and medium-sized enterprises (SMEs) involved in international trade. This initiative intends to simplify export processes by offering SMEs access to flexible debt facilities for periods of up to 24 months, with expedited funding applications available in just a matter of days.
This financial boost is specifically tailored to meet the needs of SMEs with a turnover of less than £10 million, a niche within the market that has been historically neglected. By focusing on critical areas like working capital, foreign exchange, and international payments, Newable Commerce aims to bolster SMEs’ export activities. Their strategy includes assisting hundreds of SMEs each year, ensuring these companies have the necessary financial backing to explore and seize international opportunities.
Jonathan Reynolds, Secretary of State for Business and Trade, has highlighted the importance of supporting SMEs, emphasising a commitment to increasing the support of small businesses through various governmental initiatives. His focus is on helping over 1000 SMEs annually by 2029, aligning with Newable Commerce’s goals.
Phil Reynolds, managing director of Newable Commerce, expressed excitement about the new funding partnership. He stated that the financial support would enhance their ability to assist UK SMEs in exporting, addressing the disparity between SMEs’ ambition to export and the actual funding options available to them.
Alex Scott, director at Quilam Capital, also shared optimism regarding the partnership, describing it as a significant opportunity to provide scalable funding solutions to address the growing demand for export-related financial products among UK SMEs. By bringing a unique set of specialised products to market, Newable Commerce positions itself as a vital resource in an evolving and promising export market.
This investment signifies a promising step towards empowering UK SMEs, bolstering their international trade capabilities.
