We are in the business of fashion & textiles. We are the UK voice and meeting place for suppliers of fashion & textiles providing: practical support, export advice, information exchange and a voice - to government - to retailers.
On 10th November, the Prime Minister, Business Secretary and other politicians pledged the Government’s support to SMEs to export and access funding. The following contacts were received as a result of the “Exporting for Growth” event organised by UK Trade and Investment and BIS.
Export Credit Guarantee Scheme
ECGD has just rebranded and is know also known as UK Export Finance. Some of the thresholds of export insurance are still high for fashion and textile companies but the organisation has also promised to consider applications for export guarantees on a case by case basis. UK Export Finance has a number of products for the exporter. Some are delivered direct and some are delivered through the highstreet banks.
The ICM is Europe's largest credit management organisation. It too recognises the difficulty of access to credit management services for smaller companies and has pledged to offer a series of free overviews on how to chase debts.
A Peer to Peer Social Lending site. Funding Circle handles requests for funding and investments online and boasts a quick and flexible service. Investors and borrowers spread their risk/exposure and can compare rates very easily.
The BGF is a major new £2.5 billion equity investment fund backed by five of the largest banks in the UK. Its primary target is for companies looking for investment between £2m and £10m. Its main interest is in medium sized companies.
Direct approach to the main banks may also help companies looking for smaller and more flexible levels of investment.
At HSBC, for example, up to two £50,000 Growing Business Grants will go to businesses using innovative ideas to grow within the UK. And up to two more £50,000 Overseas Trade Grants will go to businesses that have the aspiration and motivation to develop new opportunities overseas.
Note: UKFT has no direct contact with any of the companies listed and bears no responsibility for the schemes and actions of any of the companies listed. UKFT is copying this information for the benefit of members and the industry only and companies should investigate thoroughly before entering into any agreements.
Appendix: List of UKFT Members Involved in similar activities:
Accountancy, tax advice and advice on business funding www.haysmacintyre.com
Contact: Natasha Frangos
Tel: 020 7969 5663
International Trade Partners
Credit Management www.itp-online.com
Contact: David Allen
Tel: 020 7436 7229
The Government’s Export Credit Guarantee Department has been renamed UK Export Finance and works in association with UK Trade & Investment. For the past 15 years, the organisation has dealt almost exclusively with underwriting large infrastructure deals.
Recently, UKEF announced that it is looking to support companies with larger orders in consumer goods industries and has suggested that applications for access to funding will be looked at on a case by case basis.
UKEF’s Export Insurance Policy is intended to support exporters, large and small, and all types of UK exports (goods and/or services), with contract values as low as £20k. It is available for most markets outside the EU although there are some exclusions in certain OECD countries where the manufacturing period under that contract plus any period of credit given to the buyer total less than two years. In addition, applicants will need to demonstrate that cover is unavailable from the private sector.
This effectively means that relatively few companies in the fashion and textile industry will qualify for support. Nevertheless, UK Export Finance has promised to look at each case on its merits and to be flexible wherever possible. UKFT hopes that larger companies in the industry will approach UK Export Finance to see whether there really is an appetite to support companies in the sector.