Trade & Export Finance Ltd (TAEFL) has launched a new £1mn export fund to help UK small and medium enterprises (SMEs) finance the purchase of goods and materials required to meet confirmed orders.

The aim is to help exporters fund the gap in between receiving an order and shipping the goods, to cover the cost of purchasing materials and components from overseas suppliers.

The SME community has often identified this funding gap as a serious obstacle to fulfilling orders. Companies have to purchase raw materials or components from overseas suppliers requiring upfront payment and creating long delivery times, although even exporters who source entirely from inside the UK face similar problems.
“We identify the issues which affect each of our clients and create a solution which most accurately reflects their requirements,” says Mark Runiewicz, TAEFL’s CEO.

TAEFL modelled the new fund on similar initiative rolled out in March, which targeted SMEs in the West Midlands.