London-based trade finance provider Newable Commerce has acquired £70mn in funding that it plans to disburse over the next two years in the form of export finance for UK SMEs.

The multi-year facility is provided by Quilam Capital, Shawbrook Bank and Hampshire Trust Bank. Quilam provides £40mn and the remaining £30mn is split between Hampshire Trust and Shawbrook, though a spokesperson tells GTR they are not able to provide a further breakdown.

Newable Commerce is part of the Newable Group, an SME-focused lender and investor. It offers working capital facilities of up to £300,000 with a tenor of up to 24 months to UK businesses with turnover of less than £10mn per annum.

Lending rates range from 1.5% to 5%. It claims to offer access to finance in “days not months”, allowing SMEs to fulfil time sensitive orders.

The company is also an accredited lender under UK Export Finance schemes.

Newable says the funding will allow it to “help hundreds of SMEs each year and… launch additional products that integrate working capital, foreign exchange and international payments”.

“There is a growing imbalance between SMEs looking to export and available funding options particularly in the sub-£10m turnover market, meaning we are incredibly excited about this partnership,” says Phil Reynolds, managing director of Newable Commerce.

“This funding line will significantly bolster our capacity to support UK SMEs on their export journeys, ensuring they have the financial backing to seize international opportunities and drive their growth.”

A September report by the World Trade Organization found that around half of trade finance applications by SMEs are rejected by lenders. Those that are accepted often face high rates, sometimes more than double those offered to larger companies.

Newable Group was established 42 years ago by the Greater London Council, and transitioned to an employee-owned company in 2016. Between 2016 and 2021, the company trebled in size.