Yorkshire green energy firm Green’s Power has become the first company to receive a loan from the UK Export Finance (UKEF) tailored to domestic supply chains.
The new government-backed loan and bond support, initially offered only to exporters, has been extended by the UKEF to support the company’s supply chain.
“Having worked with UKEF on several export contracts, the department has played a significant role in our international growth by giving us the financial resource to seize those overseas opportunities,” said Green’s Power managing director Matthew Crewe.
“Now this new avenue for support means we have greater capacity to grow our business in the UK too, while supporting exports. This is really great news for the UK supply chain.”
Green’s designs and manufactures economisers and waste heat recovery systems for companies to reduce their emissions. Its founder, Edward Green, patented the first fuel economiser in 1845.
The Wakefield-based manufacturer is both a supplier to exporters and exports itself to 25 countries worldwide. Under the agreement, the UKEF will provide an 80% guarantee on bonds issued by the company through its bank, HSBC, allowing it to relax security requirements.
UKEF Yorkshire and Humber export finance manager Paul Wright said: “Green’s is a great example of how UK companies will benefit from UKEF’s new supply chain trade finance.
“By extending support beyond the exporter, into the supply chain, we will not only help individual UK companies grow their business, but also make UK exports more competitive on a global scale by making it easier for them to deliver.
“This is just one-way UKEF is constantly innovating to provide the best support for UK exports. In addition, Green’s operates in a market where customers often require bank guarantees, and UKEF support in this area is now much more accessible through our partnership with high street banks, introduced in October 2017, which streamlined the process for both bank and exporter.”