Simworx becomes first UK business to secure export fundingwritten by Bella Palmer
The new funding will provide Simworx with additional working capital, helping to ease cash flow constraints as a result of the pandemic
A Black Country manufacturer has become the first UK business to take advantage of a new funding offer from the Government's credit agency UK Export Finance.
Kingswinford-based Simworx has secured a new undisclosed finance package via the initiative which has been set up to help businesses grow their international sales.
The firm designs, develops and manufactures media-based attractions such as 4D cinemas for theme parks and entertainment industries with clients in the UK, Malaysia, New Zealand and Vietnam.
It employs 30 people at its West Midlands base, with international trade making up 90 per cent of its revenue.
The company recently completed the first General Export Facility, a scheme first unveiled in December by UK Export Finance, with support from HSBC UK, in which 80 per cent of any finance facility offered by a bank is guaranteed to support the cost of exporting.
The aim of the scheme is to make financial support easier to access for small UK businesses with plans to export.
The new funding from HSBC UK will provide Simworx with additional working capital, helping to ease cash flow constraints as a result of the pandemic and enable it to raise advance payment guarantees to secure and complete overseas contracts worth up to £8 million.
Simworx chief executive Terry Monkton said: There's no greater thrill than coming up with an idea for an attraction, seeing it built and installed and then experiencing people's reactions.
Despite covid-19 presenting a series of extraordinary challenges for our business and the leisure and entertainment industry as a whole, we're now witnessing a healthy return of enquiries from our partners worldwide, 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 UK Export Finance, he said.
HSBC UK's head of trade Ian Tandy added: Businesses have faced huge challenges since the start of the pandemic and this is a clear example of how vital exports will be to the economic recovery and future growth.
He said: We're proud to work with UK Export Finance to support some of the UK's leading businesses who are committed to growing overseas as they execute their long-term strategies.
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