Last reviewed 1 June 2021
A West Midlands-based exporter has become the first UK business to take advantage of a new offer from the Government’s credit agency, UK Export Finance (UKEF), securing the funds it needs to sell internationally.
Simworx, a tech company based in Kingswinford, recently completed the first General Export Facility (GEF), a new scheme launched by UKEF, with support from HSBC UK.
Through GEF, UKEF can guarantee 80% of any facility offered by a bank to finance the costs of exporting. It means financial support, such as loans, is now much easier to access for smaller UK businesses.
Simworx is a leader in the design, development and manufacture of attractions for the global theme park and entertainment industries, employs 30 people with recent projects completed in countries including Malaysia, New Zealand and Vietnam.
The seven-figure facility from HSBC UK, guaranteed by UKEF, will provide additional working capital, helping to ease cash flow constraints as a result of the pandemic and enable Simworx to raise advance payment guarantees to secure and complete significant overseas contracts worth typically between £1 million and £8 million.
CEO Terry Monkton said: “As we start to see the green shoots of recovery, we’re extremely grateful to be the first export business in the UK to benefit from the new scheme put in place by UKEF. I would also like to thank our banking partner HSBC UK for backing our business and making this process completely seamless.”
Minister for Exports Graham Stuart said that Simworx was the first of what he hoped will be a long list of SMEs who will be supported by GEF.