Newable Lending provides £300k export finance facility to Sheffield-based steel business
20th October 2023
Newable Lending has provided a £300,000 Export Finance facility to International Energy Products ltd.
International Energy Products Ltd. Is the metal and steel stockholder of choice for the energy industry. They supply metals including nickel, alloys, steel alloys, and low carbon alloys. Traditionally, they have catered to the oil and gas industry and are currently transitioning to supply the renewable energy market, as well as aerospace, defence and marine sectors.
With a team of expeditors, International Energy Products can project manage the supply chain process to ensure that the customer’s product is delivered on time to meet the necessary quality procedures and requirements of their industry.
After an initial discussion with the business, Newable Lending understood that the business had extensive growth plans to build on the strong growth already achieved over the last 3 years, having taken up export opportunities through their existing customer. The business had negative cashflow over the last 12 months caused by growth and the inability to fund export receivables. Newable identified the requirement for working capital to fulfil supplier payments for new and bigger export orders.
Newable Lending provided a £300,000 revolving facility, with the ability for International Energy Products to repay early without penalties, as and when the business’ cashflow permitted. The business was subsequently able to accept new orders, using the funds to obtain discounts from suppliers as they negotiated short payment terms, increasing the margin on their order.
Newable Lending’s export facility, accredited by UK Export Finance, fills a key gap in the funding market where smaller businesses are often overlooked by the high-street lenders. Helping over 120 SMEs in the last 18 months, the Newable team work to understand each business’ requirements and makes a decision based on each individual case. Newable Lending has a dedicated team in Yorkshire, who have supported a diverse range of businesses ranging from manufacturing to healthcare, SaaS and technology, with turnovers ranging between £200k – £5m+.
Visit the website for more information: www.newable.co.uk/export-trade-finance
About Newable
Newable is the leading provider of Money, Advice and Space to SMEs. Newable has been generating inclusive social and economic impact since its formation in 1982. Now employing over 1200 employees, it has grown to become a national business with a presence from Aberdeen to Brighton, serving over 20,000 SMEs each year.
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