Exporting has been a cornerstone of our region’s economy for centuries. From cotton and Coronation Street to graphene and Missguided, products made in Manchester have made their mark all over the world.
Research tells us ;
- Businesses that do export are more robust than those who don’t;
- Expanding into new markets allows them to operate with more flexibility.
- Recent research from UKTI also found that 66% of SMEs said that trading overseas led them to fresh business ideas and innovation, upgrading their products and services.
It is vital that we support these opportunities for growth via export with an availability of finance and earlier this year the Manchester Growth Company secured £9.5M from the Regional Growth Fund to provide a new approach to grant and loan finance for companies in Greater Manchester who want to grow their business via export.
A minimum of £2.5m of the funding will provide loans of up to £500k, enabling businesses to pursue and fulfill export orders. The loans can be used for export related working capital, asset investment to support export activity or as cash support to enable the client’s bank to issue tender bonds, advanced payment guarantees or performance bonds.
£7m of the funding willprovide grants to support SMEs with a contribution of up to 20% of a total cost of a project designed to support export growth, such as purchasing new machinery; site refurbishment; consultancy services; R&D; attendance at trade fairs and overseas visits and training.
The Fund is now open to local businesses who need grant and short-term loan funding to secure and grow export contracts. With a number of deals underway, we are already transforming the availability of growth funding and export finance to allow firms to achieve their potential. To find out more click here